Collins Stewart Cuts Price Target on Canadian Solar (CSIQ), Volume Trends Still Above Peers
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Price: $14.55 -1.22%
Rating Summary:
13 Buy, 15 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 15 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Collins Stewart is reiterating its Neutral rating on shares of Canadian Solar (NASDAQ: CSIQ), but is lowering its price target from $3.50 to $3.00.
The firm forecasts CSIQ will once again become a profitable company during the second half of 2012 due to improved production costs and lower wafer and cell prices. Management's flat quarter over quarter shipment guidance highlights that they are experiencing stronger demand than its peers.
For the third quarter, management reported stronger volumes than a majority of its peers, but reported margins that were relatively weaker. Collin Stewart estimates margins will improve as management continues to take effort to reduce costs.
For the fourth quarter, management offered shipment guidance of 340-360 MW, which the firm believes with lead to an earnings loss of $0.30 per share.
The firm has cut its FY11 and FY12 EPS estimates from ($0.39) and ($0.02) to ($1.01) and ($0.15).
For an analyst ratings summary and ratings history on Canadian Solar click here. For more ratings news on Canadian Solar click here.
Shares of Canadian Solar closed at $2.26 yesterday.
The firm forecasts CSIQ will once again become a profitable company during the second half of 2012 due to improved production costs and lower wafer and cell prices. Management's flat quarter over quarter shipment guidance highlights that they are experiencing stronger demand than its peers.
For the third quarter, management reported stronger volumes than a majority of its peers, but reported margins that were relatively weaker. Collin Stewart estimates margins will improve as management continues to take effort to reduce costs.
For the fourth quarter, management offered shipment guidance of 340-360 MW, which the firm believes with lead to an earnings loss of $0.30 per share.
The firm has cut its FY11 and FY12 EPS estimates from ($0.39) and ($0.02) to ($1.01) and ($0.15).
For an analyst ratings summary and ratings history on Canadian Solar click here. For more ratings news on Canadian Solar click here.
Shares of Canadian Solar closed at $2.26 yesterday.
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