Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that the Company has entered into a long term product supply agreement with Vivint Solar (NYSE: VSLR), a leading provider of distributed solar energy to residential and commercial customers in the United States. This contract, which allows for Canadian Solar to supply Vivint Solar with high efficiency CS6P polycrystalline modules for residential and commercial installations, will give the Company the ability to reach additional customers within these market segments and expand its consumer base.
“Vivint Solar is pleased to add Canadian Solar as one of our key module suppliers,” said Jan Newman, Senior Vice President of Business Development at Vivint Solar. “This new, strategic relationship will allow us to provide solar power to new residential and commercial customers in various markets.”
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “As North America’s largest module manufacturer, we take pride in significantly growing this relationship with Vivint Solar to supply our innovative and cost-effective panels to residential and consumer customers in the United States. In line with Canadian Solar’s corporate vision, this agreement will make solar more affordable for all homeowners.” (Original Source)
Shares of Canadian Solar closed yesterday at $19.18. CSIQ has a 1-year high of $40.82 and a 1-year low of $14.16. The stock’s 50-day moving average is $22.35 and its 200-day moving average is $30.14.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on August 21, Standpoint Research analyst Ronnie Moas upgraded CSIQ to Buy, with a price target of $26, which implies an upside of 35.6% from current levels. Separately, on August 19, Canaccord Genuity’s Jonathan Dorsheimer maintained 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, Ronnie Moas and Jonathan Dorsheimer have a total average return of 7.0% and -3.9% respectively. Moas has a success rate of 70.0% and is ranked #15 out of 3752 analysts, while Dorsheimer has a success rate of 38.2% and is ranked #3400.
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 $36.00 which is 87.7% 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.