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