Cowen & Company Downgrades Canadian Solar to Market Perform with Price Target $13.00

Brokerage firm Cowen & Company Downgrades its rating on Canadian Solar(NASDAQ:CSIQ). In a research note issued to the investors, the brokerage major Lowers the price-target to $13.00 per share. The shares have been rated Market Perform. Previously, the analysts had a Outperform rating on the shares. The rating by Cowen & Company was issued on Aug 19, 2016.

In a different note, On Aug 3, 2016, Morgan Stanley said it Downgrades its rating on Canadian Solar. In the research note, the firm Lowers the price-target to $24.00 per share. The shares have been rated ‘Underweight’ by the firm.

Canadian Solar (CSIQ) shares turned negative on Mondays trading session with the shares closing down -0.04 points or -0.30% at a volume of 9,49,847. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $13.29. The peak price level was also seen at $13.29 while the days lowest was $13.0401. Finally the shares closed at $13.09. The 52-week high of the shares is $29.83 while the 52-week low is $12.12. According to the latest information available, the market cap of the company is $733 M.

Canadian Solar(CSIQ) last announced its earnings results on Aug 18, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $805.91M. Analysts had an estimated revenue of $712.63M. Earnings per share were $0.58. Analysts had estimated an EPS of $0.37.

Canadian Solar Inc. is a solar power company which designs develops and manufactures solar wafers solar cells and solar power products. The Company’s solar power products include standard solar modules and specialty solar products. It has two segments: module segment and energy segment. The Company’s module segment primarily involves design development manufacture and sales of solar power products and solar system kits. The Company’s energy segment involves solar power project development engineering procurement and construction services operations and maintenance services and electricity revenue generation. Its products include a range of solar modules for use in residential commercial and industrial solar power generation systems. Its specialty solar products consist of solar modules that the customers incorporate into their own products and complete specialty products such as portable solar home systems. The Company sells its products under Canadian Solar brand name.

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