Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that its wholly owned subsidiary Canadian Solar Japan K.K. has entered into a syndicated loan agreement, pursuant to which Mizuho Bank, Ltd. (“Mizuho Bank”), acting as the Book-runner, has agreed to provide a total of JPY4.7 billion ($39.5 million) to Canadian Solar Japan K.K to support its working capital and business operations.
Mizuho Bank, together with Shoko Chukin Bank and Tokyo Star Bank, will provide this syndicated loan which has a 1 year term with an option for 1 year extension.
“We are delighted to partner with this leading group of lenders, which enables us to execute on our business strategy and capture the growing business opportunities in Japan,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “This partnership once again demonstrates Canadian Solar’s strength and recognition as the global tier-1 leader that is able to get local financing from large banks in Japan. We look forward to continuing the cooperation with Mizuho Bank.” (Original Source)
Shares of Canadian Solar closed last Friday at $20.17 . 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 $24.04 and its 200-day moving average is $22.21.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on January 21, FBR analyst Carter Driscoll maintained a Buy rating on CSIQ, with a price target of $32, which represents a potential upside of 58.7% from where the stock is currently trading. Separately, on the same day, Standpoint Research’s Ronnie Moas upgraded the stock to Buy and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Carter Driscoll and Ronnie Moas have a total average return of -18.8% and 4.8% respectively. Driscoll has a success rate of 18.4% and is ranked #3499 out of 3622 analysts, while Moas has a success rate of 66.8% and is ranked #53.
Overall, 5 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 $26.00 which is 28.9% above where the stock closed last Friday.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.