Stock Update (NASDAQ:CSIQ): Canadian Solar Inc. Closes GBP36.4 Million Solar Project Refinancing with BayernLB
Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has closed a £36.4 million (US$52 million) project financing facility with BayernLB to refinance a portfolio of four solar power plants, totaling 40.2 megawatts in the UK. This financing facility with BayernLB is non-recourse project finance, with a term of 17 years.
“We are delighted to complete this project financing facility with BayernLB,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.“This facility underscores Canadian Solar’s strength as a global tier-1 player that has broad support from international financial institutions. We look forward to continuing our partnership with BayernLB to support the sustainable growth of our global project business.” (Original Source)
Shares of Canadian Solar closed last Friday at $18.06, up $0.68 or 3.91%. CSIQ has a 1-year high of $34.48 and a 1-year low of $14.16. The stock’s 50-day moving average is $17.62 and its 200-day moving average is $20.86.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on May 12, Roth Capital analyst Philip Shen maintained a Buy rating on CSIQ, with a price target of $28, which represents a potential upside of 55.0% from where the stock is currently trading. Separately, on the same day, FBR’s Carter Driscoll reiterated a Buy rating on the stock and has a price target of $32.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Carter Driscoll have a total average return of -17.3% and -19.5% respectively. Shen has a success rate of 25.5% and is ranked #3820 out of 3842 analysts, while Driscoll has a success rate of 21.3% and is ranked #3788.
The street is mostly Bullish on CSIQ stock. Out of 8 analysts who cover the stock, 8 suggest a Buy rating . The 12-month average price target assigned to the stock is $45.00, which implies an upside of 149.2% from current levels.