Canadian Solar (CSIQ) PT Lowered to $23 at Wells Fargo

Wells Fargo analyst Praneeth Satish lowered the price target on Canadian Solar (NASDAQ: CSIQ) to $23.00 (from $28.00) while maintaining a Equal Weight rating.

The analyst comments "CSIQ continues to expect a sharp rebound in shipments & margin over the course of the yr driven by e-Storage backlog, normalization of DG inventories & ASP increases tied to demand recovery. We remain EW given high execution risk to achieve guidance. Lowering Price Target to $23/Share. We're lowering our price target to $23/share from $28/share to reflect a higher capex forecast (i.e., for 2026+ $1.35B/year versus $1.2B/ year previously) and lower assumed SOTP multiple (of 3.5x versus 5.0x previously). Our price target is based on a blend of a three-stage DCF model and a sum-of-the parts valuation."

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