Stock Update (NASDAQ:CSIQ): Canadian Solar Completes Sale of Two Utility Solar Power Plants to RET Capital
Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of two 10 MW AC solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust Ontario Holdings, INC/ULC (RET), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. These two plants use Canadian Solar’s CS6X-305P modules, and are part of a sales agreement whereby Canadian Solar will sell a total of three utility-scale solar power plants f… Read more
Shares of Canadian Solar closed last Friday at $24.69 . CSIQ has a 1-year high of $44.50 and a 1-year low of $20.64. The stock’s 50-day moving average is $24.19 and it’s 200-day moving average is $29.74.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report published on December 12, analyst Philip Shen from Roth Capital maintained a Buy rating on CSIQ, with a price target of $40, which implies an upside of 62.0% from current levels. Separately, on December 1, FBR`s Aditya Satghare reiterated a Buy rating on Canadian Solar shares.
4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is 24.69$ which is 67.4% above where the stock closed last Friday.
Canadian Solar Inc is a solar power company. The Company designs, develops, and manufactures solar wafers, cells and solar power products.