Auriga Upgrades Canadian Solar (CSIQ) to Buy; On The Rise

January 11, 2011 7:30 AM EST
Get Alerts CSIQ Hot Sheet
Price: $12.63 --0%

Rating Summary:
    15 Buy, 11 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 7 | Down: 10 | New: 7
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Auriga upgraded Canadian Solar (NASDAQ: CSIQ) from Hold to Buy. PT increased from $13 to $20.

Auriga analyst says, "CSIQ has historically been plagued with operational volatility, but with the growing internal cell and wafer capacities, we expect volatility to moderate while profitability increases. Our near-term estimates are increasing as we have been slow to update our model following the Q3 earnings call, but we focus investors on our 2012 estimates that are significantly ahead of the current consensus. Our forward looking estimates require further wafering additions to 1GW in 2012, while cell capacities increase to 2GW and are 100% aligned with 2GW of module capacity that should be established in 2011. Cashflow will likely become a concern in 2012 in order to fund another $300mn in capital expenditures, but this is not a large enough deterrent to keep us from upgrading our rating."

For more ratings news on Canadian Solar click here and for the rating history of Canadian Solar click here.

Shares of Canadian Solar closed at $13.61 yesterday.

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