Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has won 3 solar photovoltaic (PV) projects totaling 110 megawatts (MWp) in Pirapora, in the state of Minas Gerais, Brazil. Canadian Solar will develop and build the solar power plants. Once connectd to the grid, the electricity genereated will be sold to CCEE (Camara de Comercializacao de Energia Eletrica), under a 20-year Power Purchase Agreement at R$300/MWh (approximately US$78.8/MWh). The three projects are targeted to reach commercial operation by late 2018.
“We are very excited to announce another win in Brazil, that increases our pipeline to 384MWp in this important emerging market,” commented Dr.Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “It is another testament of our strong capabilities in developing global solar power projects and further strengthens our position as a tier 1 global player in the solar energy business.” (Original Source)
Shares of Canadian Solar closed yesterday at $20.57. 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 $21.26 and its 200-day moving average is $25.33.
On the ratings front, CSIQ has been the subject of a number of recent research reports. In a report issued on November 12, Canaccord Genuity analyst Jonathan Dorsheimer maintained a Buy rating on the stock, with a price target of $29, which implies an upside of 41.0% from current levels. Separately, on November 11, Roth Capital’s Philip Shen reiterated a Buy rating on the stock and has a price target of $40.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Dorsheimer and Philip Shen have a total average return of -7.4% and -17.1% respectively. Dorsheimer has a success rate of 36.4% and is ranked #3704 out of 3857 analysts, while Shen has a success rate of 21.6% and is ranked #3837.
The street is mostly Bullish on CSIQ stock. Out of 5 analysts who cover the stock, 5 suggest a Buy rating . The 12-month average price target assigned to the stock is $34.50, which implies an upside of 67.7% from current levels.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.