Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it will supply 112 MW of Canadian Solar CS6P-265P PV modules to Sunrun (NASDAQ: RUN), the largest dedicated residential solar company in the United States, in 2016.
“We are pleased to be working with an industry leader like Canadian Solar to ensure our customers have a great customer experience and access to high quality modules for their home solar systems,” said Paul Winnowski, Chief Operating Officer of Sunrun. “We look forward to helping more American families switch to solar and furthering our goal of creating a planet run by the sun.”
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “As North America’s largest module manufacturer, Canadian Solarbelieves wholeheartedly in our corporate mission of making a difference in the lives of others through solar. Together with Sunrun, this joint collaboration will help allow us to reach new solar users and spread the word about the incredible power of solar energy.” (Original Source)
Shares of Canadian Solar at $21.13, up $0.23 or 1.10%. 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 $21.45 and its 200-day moving average is $24.98.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on November 12, Canaccord Genuity analyst Jonathan Dorsheimer maintained a Buy rating on CSIQ, with a price target of $29, which implies an upside of 37.2% from current levels. Separately, on November 11, Roth Capital’s Philip Shen reiterated 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 -6.8% and -16.1% respectively. Dorsheimer has a success rate of 37.2% and is ranked #3472 out of 3636 analysts, while Shen has a success rate of 23.2% and is ranked #3608.
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 $43.00 which is 103.5% 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.