Northland Capital Markets analyst Colin Rusch raised estimates and his price target on Outperform-rated Canadian Solar (NASDAQ: CSIQ) to $48.00 (from $47.00) following Q3 results.

The analyst said fears of peak earnings are unfounded.

Q4 EPS goes from $1.38 to $1.39, FY 2014 EPS goes from $3.71 to $4.20 and FY 2015 EPS goes from $4.66 to $4.83.

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 $28.08 yesterday.