Morgan Stanley turns bearish on solar

• Morgan Stanley has issued a bearish call on global solar market, calling it oversupplied.
• The firm thinks GCL Poly Energy (OTC:GCPEY) and Canadian Solar (NASDAQ:CSIQ) are "the most at risk from pricing pressure and declining margins." More specifically, GCL Poly is the world’s largest multi c-Si wafer supplier, when the world is moving to a different technology - mono c-Si technology. As for Canadian Solar, it's heavily exposed to module price declines.
• Morgan has a Sell rating on GCL Poly and HK$0.85 price target. It has a Neutral rating on Canadian Solar, with a $12.80 price target.