Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has secured a credit facility pursuant to which Ping An Bank will provide up to $300 million to Canadian Solar’s wholly owned subsidiary Recurrent Energy LLC to support its solar power project development, construction and operation activities. The credit facility has a three-year maturity.
“We are pleased to announce the credit facility with Ping An Bank, a forward-looking, large commercial bank in China. This transaction again demonstrates Canadian Solar’s leadership position in the global solar industry,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer ofCanadian Solar, “The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world.” (Original Source)
Shares of Canadian Solar closed yesterday at $19.24. 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 $20.86 and its 200-day moving average is $21.54.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on February 16, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Buy rating on CSIQ, with a price target of $35, which implies an upside of 81.9% from current levels. Separately, on February 1, Roth Capital’s Philip Shen maintained a Buy rating on the stock and has a price target of $40.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Dorsheimer and Philip Shen have a total average return of -6.1% and -17.0% respectively. Dorsheimer has a success rate of 38.3% and is ranked #3367 out of 3640 analysts, while Shen has a success rate of 23.9% and is ranked #3603.
Overall, 4 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 35.1% 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.