Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced the signing of a sales partnership with DM Solar, a wholesale distributor of solar products located inGuadalajara, Mexico.
The solar panels sold through this sales partnership will be used throughout various projects in the residential and commercial markets, primarily for small and medium-scale industrial installations throughout Mexico. The signing of DM Solar as a Canadian Solar distributor signifies a growing trend throughout the Latin American region towards the use of solar panels in the renewable energy industry.
Yusef Kanchi, co-founder and President of Sales for DM Solar, said, “We selected Canadian Solar for several reasons: reliable product quality, strong business ethics, proven financial stability, and established bankability. Not only does Canadian Solar’s business philosophy blend well with DM Solar’s corporate image, it also evokes a sense of consumer confidence that customers can appreciate.”
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “Canadian Solar is proud to sign DM Solar as an authorized distributor in Mexico, and we are confident that they will be pleased with our company’s innovative product quality and excellent customer service. We look forward to expanding our business relationship with DM Solar in 2016 and beyond, as the solar industry experiences rapid growth in Latin America.”(Original Source)
Shares of Canadian Solar closed last Friday at $13.14, up $0.17 or 1.31%. CSIQ has a 1-year high of $29.83 and a 1-year low of $12.12. The stock’s 50-day moving average is $13.85 and its 200-day moving average is $16.99.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on August 24, Barclays analyst Jon Windham reiterated a Hold rating on CSIQ, with a price target of $14, which represents a potential upside of 6.5% from where the stock is currently trading. Separately, on August 22, FBR’s Carter Driscoll reiterated a Buy rating on the stock and has a price target of $23.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Carter Driscoll have a total average return of -12.3% and -18.9% respectively. Windham has a success rate of 31% and is ranked #3825 out of 4147 analysts, while Driscoll has a success rate of 20% and is ranked #4020.
Canadian Solar, Inc. designs, develops, and manufactures solar wafers, cells and solar power products. Its products include a range of standard solar modules built to general specifications for use in a range of residential, commercial and industrial solar power generation systems. Canadian Solar also designs and produces solar modules and products based on its customer’s requirements.