B.Riley FBR analyst Carter Driscoll maintained a Hold rating on Canadian Solar Inc (NASDAQ: CSIQ) yesterday and set a price target of $18. The company’s shares opened today at $13.17.
Driscoll commented:
“Yesterday, 8/14, as expected in the face of tough solar market conditions, CSIQ (Neutral, $18 PT) reported disappointing revenues due to constricting average selling prices (ASPs), deferral of project sales, and the new Chinese solar policy. CSIQ reported 2Q18 revenue of $650.6M, gross margin of 20.5% (excluding AD/CVD reversal benefits), EPS of $0.26, and module shipments of 1.7 GW, compared to our estimates of $715.0M, 21.0%, $0.22, and 1.52 GW. In response to this market, management stated it has reduced its 2018 manufacturing expansion plan.”
According to TipRanks.com, Driscoll has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.3% and a 31.7% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Fuelcell Energy.
Currently, the analyst consensus on Canadian Solar Inc is a Moderate Buy with an average price target of $17.33.
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Based on Canadian Solar Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $15.57 million. In comparison, last year the company had a net profit of $38.21 million.
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Canadian Solar, Inc. engages in the manufacture of solar photovoltaic modules and a provider of solar energy solutions. It operates through the Module and System Solutions (MSS), and Energy segments.
