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 $17.29.
Driscoll commented:
“1Q18 beat, some impact from protectionist policies. Canadian Solar (CSIQ) delivered a 1Q18 beat, modestly beating on revenues and module shipments with gross margin at the low end of guidance at 10.1% (impacted by the sale of 309 MW to KEPCO). Geographic expansion continues into relatively new markets such as Brazil, Australia, and now Argentina. Overall, 1Q18 was a solid quarter for CSIQ after the volatile 2H17 with Section 201 disrupting the U.S. The company maintained 2018 guidance for revenues and shipments, which includes the expected 2H18 sale of 399 MW of U.S.-based operating plants to Shenzhen Energy—although the timing is uncertain. We expect project sales to contribute over 50% of total revenues in 2018 as core module business moderates into 2H18 (after a record 2017).”
According to TipRanks.com, Driscoll ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -7.1% and a 33.3% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Pacific Ethanol, and Enphase Energy.
Canadian Solar Inc has an analyst consensus of Hold, with a price target consensus of $17.25.
See today’s analyst top recommended stocks >>
The company has a one-year high of $19.09 and a one-year low of $12.24. Currently, Canadian Solar Inc has an average volume of 543.7K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
