Canadian Solar (CSIQ) PT Raised to $55 at Roth Capital on Margin Upside

March 23, 2021 6:04 AM EDT
Get Alerts CSIQ Hot Sheet
Price: $43.37 -3.24%

Rating Summary:
    13 Buy, 13 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
Trade Now! 
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Roth Capital analyst Philip Shen raised the price target on Canadian Solar (NASDAQ: CSIQ) to $55.00 (from $50.00) after the company reported revenue of $1,041mn beating consensus of $998mn as ASPs of ~23.4c/W were above expectations for 23.0c/W. External shipments were inline at 2.5GW. The Q4 GM of
13.6% was above consensus of 9.5% due to a better-than-expected CSI segment GM of 13.5% by mitigating some material cost pressure with a higher module ASP. The energy segment GM of 8.6% fell below expectations due to project mix. EPS of 11c/ADS was above consensus of -55c.

The analyst reiterated the Buy rating, stating "While better-than-expected module margins drove the beat, Q1 module margins could decline further. We believe CSIQ's new capacity plus reduced glass and freight costs ahead could support a module margin rebound in Q2. We maintain our Buy as shares are down nearly 25% from a recent peak and are trading at only ~8.5x our 2021 EV/EBITDA. Moreover, we see CSIQ's China listing as an upside catalyst ahead".



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

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Roth Capital