Stock Update (NASDAQ:CSIQ): Canadian Solar Inc. Energizes Six Solar Power Plants in the United Kingdom
Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that it has connected an additional six solar power plants, totaling 39.4MWp to the grid, bringing its total fleet of solar power plants in commercial operation in the United Kingdom to approximately 103.0MWp. The six solar power plants were connected to the grid in March 2016 under the Renewable Obligations Certificate (ROC) program. “We are very pleased to announce that our portfolio of operating solar power plants in the UK has now reached over 100MWp,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, “We remain committed to leveraging our industry-leading position and expertise in solar project development to meet the growing demand of clean solar energy in the UK and around the world. (Original Source)
Shares of Canadian Solar are down nearly 2% to $18.92 in pre-market trading. CSIQ has a 1-year high of $40.08 and a 1-year low of $14.16. The stock’s 50-day moving average is $19.45 and its 200-day moving average is $21.48.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on April 4, Barclays analyst Jon Windham initiated coverage with a Buy rating on CSIQ and a price target of $24, which implies an upside of 26.8% from current levels. Separately, on March 29, Stifel Nicolaus’ Sven Eenmaa reiterated a Buy rating on the stock and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Sven Eenmaa have a total average return of -6.2% and -2.0% respectively. Windham has a success rate of 47.4% and is ranked #3214 out of 3827 analysts, while Eenmaa has a success rate of 46.2% and is ranked #2733.
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 $40.50, which implies an upside of 114.1% from current levels.