Canaccord Ups Price Target on Canadian Solar to $44 (CSIQ)

August 14, 2008 11:28 AM EDT

Canaccord Adams raises its price target on Canadian Solar (Nasdaq: CSIQ) from $43 to $44 and reiterates its Buy rating.

The firm calls Canadian Solar's Q2 earnings, reported yesterday before the market opened, "very strong results" and notes that the earnings were at the high-end of its pre-announcement.

Canaccord also likes Canadian Solar as it already has all of this year's plans funded and 70% of its supply coverage for its capacity guidance of 500-550MW also accounted for. Additionally, the firm believes that with its low capital needs, Canadian Solar now bolsters one of the highest ROIC (return on investment capital) in the industry. Further, Canaccord points out that Canadian Solar is expecting a "diversified breakdown of sales, which should help insulate the effects of any near-term political risks."

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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