Goldman Sachs Upgrades Canadian Solar (CSIQ) to Neutral, 'balanced risk-reward'

Goldman Sachs analyst Brian Lee upgraded Canadian Solar (NASDAQ: CSIQ) from Sell to Neutral with a price target of $25.00 (from $21.00).

The analyst comments "We upgrade CSIQ shares to Neutral from Sell, with 16% upside to our revised $25 12-month price target. Our previous Sell
thesis was predicated upon margin risks owing to ASP erosion as well as FCF pressure. Following 3Q23 earnings results,
CSIQ trimmed revenue guidance on lower ASPs and sequentially guided down on gross margins for 4Q. With the stock
having pulled back and now trading at 4X FY2 EV/EBITDA, we see a more balanced risk-reward profile now warranting a
more Neutral stance on the stock. Since being added to the Americas Sell List on September 7, 2022, CSIQ shares are down
51% vs. RUT up 6%."

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 $24.19 yesterday.

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