Canadian Solar Inc. (NASDAQ:CSIQ) announced that the company has won the distinction of “Best PV Module Manufacturer” in Brazil, by an overwhelming voting margin, in the “Second Annual Innovation and Technology Award,” organized by FRG Group Media & Events and sponsored by RBS Magazine -Journal of Photovoltaic Solar Energy.
In the last two years, Canadian Solar has won three projects in Brazil totaling 394 MWp with awarded long-term PPAs. Canadian Solar has invested more than US$ 23 Mio in building a local factory with the annual production capacity of 360 MWp of modules. The production will start next month.
Recently Canadian Solar sold 80% interest in its 191.5 MWp Pirapora I project in Brazil to EDF EN do Brasil. Canadian Solar will supply the modules for the Project from its new Brazilian module factory.
“Brazil is a key emerging market for solar and for Canadian Solar. We are extremely proud of the recognition that Canadian Solar has received as a leader in the Brazilian solar market.” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. Canadian Solar will accept the award in a ceremony scheduled for November 16, 2016. (Original Source)
Shares of Canadian Solar are currently trading at $15.17, down $0.13 or -0.85%. CSIQ has a 1-year high of $29.83 and a 1-year low of $11.72. The stock’s 50-day moving average is $13.61 and its 200-day moving average is $15.35.
On the ratings front, CSIQ has been the subject of a number of recent research reports. In a report issued on August 24, Barclays analyst Jon Windham reiterated a Hold rating on CSIQ, with a price target of $14, which implies a downside of 8% from current levels. Separately, on August 22, FBR’s Carter Driscoll reiterated a Buy rating on the stock and has a price target of $23.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Carter Driscoll have an average loss of 14.0% and 21.4% respectively. Windham has a success rate of 30% and is ranked #3865 out of 4188 analysts, while Driscoll has a success rate of 19% and is ranked #4035.
The street is mostly Bullish on CSIQ stock. Out of 6 analysts who cover the stock, 3 suggest a Buy rating , 2 suggest a Hold and one recommends to Sell the stock.
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.