North Coast Solar Stocks

July 16, 2009

Canadian Solar: Oppenheimer Boosts Target, Estimates

Filed under: CSIQ — Tags: , , , , — Jason @ 12:30 pm

Posted by Eric Savitz

Oppenheimer solar analyst Sam Dubinsky this morning pounded the table on Canadian Solar (CSIQ), repeating his Outperform rating and boosting his price target to $19, from $14. The stock closed yesterday at $12.62.

He says that following checks at this week’s Intersolar conference, he has become more positive on the stock, “as we believe high-cost inventory has been burned through, units and margins should rebound, and Q3 Street estimates could prove conservative.” Dubinsky adds that he remains cautious on the solar sector overall, but that “CSIQ shares still have room to run.”

After multiple meetings with companies in the industry this week, Dubinsky writes, he is more comfortable on Q3 demand trends, but less comfortable with industry ASPs and second half linearity – he thinks Q4 will be down sequentially, while the Street expects linear growth.

Still for 2009, he boosts his EPS estimate for CSIQ to 28 cents from 2 cents; for 2010 he goes to $1.04, from 80 cents.

CSIQ is up 71 cents, or 5.6%, to $13.33.

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