Jefferies Says Canadian Solar (CSIQ) Pullback May Be Overdone After Q4 Sell-Off
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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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Jefferies commented on Canadian Solar (NASDAQ: CSIQ) after the company posted a greater than expected 4Q11 loss on bad debt provision and FX loss.
The firm comments, " The stock declined 13% on soft 1Q12 shipment and GM guidance. We believe the stock pullback may be overdone considering that CSIQ targets to derive 25% of its revenue from higher margin system business in 2012, going to 40% in 2013. We expect the company to earn $0.50/share in 2013."
The firm maintained their Hold rating and price target of $2.50.
Q1 EPS was cut from ($0.02) to ($0.66), FY12 cut from $0.33 to ($1.54) and FY13 raised from $0.46 to $0.50.
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 $2.85 yesterday.
The firm comments, " The stock declined 13% on soft 1Q12 shipment and GM guidance. We believe the stock pullback may be overdone considering that CSIQ targets to derive 25% of its revenue from higher margin system business in 2012, going to 40% in 2013. We expect the company to earn $0.50/share in 2013."
The firm maintained their Hold rating and price target of $2.50.
Q1 EPS was cut from ($0.02) to ($0.66), FY12 cut from $0.33 to ($1.54) and FY13 raised from $0.46 to $0.50.
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 $2.85 yesterday.
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