Collins Stewart Upgrades Canadian Solar (CSIQ) to Buy
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Collins Stewart upgrades Canadian Solar Inc. (Nasdaq: CSIQ) from Hold to Buy with a $40 price target, based on 9x their FY09 EPS estimates.
The firm noted, " CSIQ raised its revenue guidance to a range of $850-970M, up from $750-870M. This was somewhat expected, as the company had not raised guidance when it positively pre-announced Q208 results. We believe it was reluctant to raise guidance at that point due to its impending stock offering, which was completed 7/23. Prior to today?s call we were forecasting $927M in FY08 sales, which we have now raised to $989M (slightly above the upper end of guidance). Shipment guidance remains at 230-260MW, consistent with our 243MW forecast (raised from 240MW)."
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CSIQ
Orbearn on Aug 14, 2008 03:29 PMCSIQ should be trading at bettween $35.00 and $38.00 after recent earnings.