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Citing good execution and margin expansion, Nomura's Nitin Kumar hikes the price target on...

Citing good execution and margin expansion, Nomura's Nitin Kumar hikes the price target on Canadian Solar (CSIQ +10%) just slightly from $6.90 to $25. Kumar changes CSIQ's peer group to "companies with significant project business" as the company's system business should "generate 50%-plus earnings [in FY13-15] vs. 13% in 2012." Kumar uses the new peer group's target price-to-book value for FY14 (and a 20% discount for "execution risks and higher interest rates") to arrive at the new PT.
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