Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has become the founding member of the Global Solar Council.
Launched at the U.N. Climate Change Conference in Paris last year, the Global Solar Council aims to coordinate the efforts of the world’s solar energy associations.
Canadian Solar CEO and Chairman Dr. Shawn Qu attended the launch event to share his vision with the politicians and industry leaders attending. His two specific calls for action concerned kerosene usage and trade barriers:
First, as of today, there are 1.3 billion people around the world who still depend on kerosene for light. Solar lamps provide a clean solution to this global problem with significant health and economic benefits. They offer an emission-free pathway to electrification, which in turn can boost economic growth. Dr. Qu called the industry to recognize the solution solar can provide and join Canadian Solar in an estimated $20B effort to replace all kerosene lamps within the next ten years.
Second, the development and implementation of solar technology requires global efforts. Free flow of solar products, people and technology will help reduce the cost of global solar deployment, and therefore the cost of climate change action for every country. “Unfortunately, we are seeing more and more trade barriers between countries for solar products, hurting the industries that offer the best hope of reducing carbon emissions. To curb emissions in the most cost-effective way possible, global commitment to free trade is necessary”, as Dr. Qu emphasizes.
Both of these calls for action are now part of the mission statement of the Global Solar Council, which launched its Leadership Forum last week aiming to “accelerate the deployment of clean, reliable, emission-free solar energy” worldwide. In the forthcoming months, all members will actively contribute to develop recommendations and engage with association members for mutual initiatives, with the first global meeting taking place at Intersolar Munich in June 2016. (Original Source)
Shares of Canadian Solar closed yesterday at $17.24, down $0.08 or -0.46%. 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 $20.16 and its 200-day moving average is $21.43.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on April 4, Barclays analyst Jon Windham initiated coverage with a Buy rating on CSIQ and a price target of $24, which implies an upside of 39.2% from current levels. Separately, on March 29, Oppenheimer’s Colin Rusch reiterated a Buy rating on the stock and has a price target of $45.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Colin Rusch have a total average return of -8.0% and 12.1% respectively. Windham has a success rate of 36.8% and is ranked #3239 out of 3787 analysts, while Rusch has a success rate of 52.4% and is ranked #225.
The street is mostly Bullish on CSIQ stock. Out of 8 analysts who cover the stock, 8 suggest a Buy rating . The 12-month average price target assigned to the stock is $45.00, which implies an upside of 161.0% from current levels.
Canadian Solar, Inc. designs, develops, and manufactures solar wafers, cells and solar power products. Its products include a range of standard solar modules built to general specifications for use in a range of residential, commercial and industrial solar power generation systems. Canadian Solar also designs and produces solar modules and products based on its customer’s requirements. Canadian Solar was founded by Xiaohua Qu in October 2001 and is headquartered in West Guelph, Canada