Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that the company served as the sole supplier of PV modules for the 2.5 MW solar plant located in the city of Moncagua, in El Salvador, Central America. In total, the facility consists of 8,436 Canadian Solar MaxPower CS6X-310P solar modules. Together with AES El Salvador, a leading global provider of distributed energy, Canadian Solar’s contribution to this solar facility will positively impact the local climate and region.
“AES Moncagua is the second renewable generation project built by AES in El Salvador under a vision of environmental sustainability and energy diversification. These projects are testimonies of our commitment to sustainable power generation in the country. Meanwhile, we are introducing state-of-the-art clean energy technologies to El Salvador,” said AES El Salvador’s Executive President, Abraham Bichara.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “With Canadian Solar’s continued growth in the Mexico, Caribbean, and Central American region, we are proud to have taken part in the building of this solar plant in El Salvador. The market potential for renewable energy in this area is tremendous within Latin America over the next several years.” (Original Source)
Shares of Canadian Solar closed yesterday at $22.25. CSIQ has a 1-year high of $40.08 and a 1-year low of $14.16. The stock’s 50-day moving average is $20.38 and its 200-day moving average is $25.92.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on October 27, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Buy rating on CSIQ, with a price target of $29, which represents a potential upside of 30.3% from where the stock is currently trading. Separately, on September 28, Stifel Nicolaus’ Sven Eenmaa initiated coverage with a Buy rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Dorsheimer and Sven Eenmaa have a total average return of -7.1% and -10.2% respectively. Dorsheimer has a success rate of 37.5% and is ranked #3691 out of 3840 analysts, while Eenmaa has a success rate of 44.4% and is ranked #3317.
Overall, 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $34.50 which is 55.1% above where the stock closed yesterday.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.