Collins Stewart Downgrades Canadian Solar (CSIQ) to Hold
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Collins Stewart downgrades Canadian Solar (Nasdaq: CSIQ) from Buy to Hold and dismisses its $31 price target.
After rising more than 19% yesterday, the firm believes Canadian Solar's P/E multiple has expanded to a level that fully reflects its fair value. At the same time, Collins Stewart feels that shares of Canadian Solar could sustain $45 per share in the future, but says that "this is not sufficiently high enough to justify a Buy rating at this point."
Collins Stewart raised its FY08 non-GAAP EPS estimate on Canadian Solar from $1.75 to $2.19 and its FY09 estimate from $2.62 to $3.00. The Street estimates are currently $1.83 for FY08 and $3.00 for FY09.
Shares of Canadian Solar are up once again today, this time on strong earnings from ReneSola (NYSE: SOL). Canadian Solar stock most recently traded at $45.17, up nearly 11% from yesterday's close.
Canadian Solar, Inc., together with its subsidiaries, engages in the design, development, manufacture, and marketing of solar module products that convert sunlight into electricity for various uses.
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Comments
who?
Who is Collins Stewart?
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Warren Buffnet on May 28, 2008 11:55 PMCollin Stewart is someone who has no idea about rating stocks. I think Stewart want's to bring the CSIQ share price down because he has a short position on CSIQ.