Nomura Securities Maintains a 'Neutral' on Canadian Solar (CSIQ); Lowers PT

Nomura Securities maintains a 'Neutral' on Canadian Solar (NASDAQ: CSIQ), PT lowered by $1 to $11.

Nomura analyst, Nitin Kumar, said, "We are concerned on the sharp increase in accounts receivables at end of 1Q11 which CSIQ attributed to order delivery delays due to policy uncertainty in Italy and worse-than-expected weather conditions in Europe. That said, we believe improvements in cash cycle will be difficult near term given: oversupply conditions likely to manifest in 2H11F which will enable customers to seek longer credit terms from current levels of 40~45 days, and that CSIQ expects to ship additional 100MW of modules in 2Q11F which will be recognized as sales in 3Q11F."

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 $9.80 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Recurrent Energy closes $695M financing for California solar project
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Fiserv (FISV) PT Lowered to $60 at Freedom Broker