Company Update (NASDAQ:CSIQ): Canadian Solar Inc. Comments on European Commission’s Undertaking Decision
Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, takes note of the European Commission’s decision to withdraw the acceptance of the Company’s Undertaking but confirms its belief that it duly complied with all its terms and conditions.
Despite the arbitrary nature of the Undertaking text that caused interpretation confusion and implementation complications, Canadian Solar believes that it has always conducted all its business in the EU in compliance with the Undertaking. The Company strongly believes that this decision lacks merit and is arbitrary without giving due consideration to the Company’s cooperation with EU Commission. The Company is currently reviewing its legal options.
The decision by the European Commission will not impact the Company’s second quarter and full year 2015 guidance. Canadian Solar remains well positioned to continue serving all present and future customers in Europe from its Global solar operations. (Original Source)
Shares of Canadian Solar closed yesterday at $31.52 . CSIQ has a 1-year high of $41.12 and a 1-year low of $18.68. The stock’s 50-day moving average is $35.43 and its 200-day moving average is $29.32.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on May 19, Roth Capital analyst Philip Shen reiterated a Buy rating on CSIQ, with a price target of $46, which represents a potential upside of 45.9% from where the stock is currently trading. Separately, on May 18, Canaccord Genuity’s Jonathan Dorsheimer maintained a Buy rating on the stock and has a price target of $45.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Jonathan Dorsheimer have a total average return of -5.3% and -0.9% respectively. Shen has a success rate of 38.1% and is ranked #3471 out of 3610 analysts, while Dorsheimer has a success rate of 40.0% and is ranked #2945.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.