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Canadian Solar downgraded at FBR, Roth Capital on weak guidance

Nov. 22, 2016 11:10 AM ETCanadian Solar Inc. (CSIQ) StockCSIQBy: Carl Surran, SA News Editor5 Comments
  • Canadian Solar (CSIQ +0.2%) is downgraded to Market Perform from Outperform with a $12 price target, slashed from $23, at FBR, after CSIQ's "decent" Q3 results despite a weak solar market, but CSIQ cut FY 2016 guidance on higher than expected pricing pressure, as module volumes surprisingly are constrained by manufacturing issues.
  • The firm says ramping project sales could prove a catalyst, but it prefers to wait and see both the pace and ultimate sales price before acknowledging that the worst of the downturn is over.
  • CSIQ also is downgraded to Neutral from Buy with an $11 price target, cut from $20, at Roth Capital.

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