North Coast Solar Stocks

July 16, 2009

Shares of Canadian Solar rise after analyst raises his price target, profit forecast

Filed under: CSIQ — Tags: , , , , — Jason @ 11:30 am

Thursday July 16, 2009, 11:30 am EDT

NEW YORK (AP) — Canadian Solar’s (CSIQ) shares jumped in Thursday morning trading after an analyst raised his price target for the solar products maker.

Shares of the Canadian company gained 64 cents, or 5.1 percent, to $13.26.

Oppenheimer analyst Sam Dubinsky said he expects Canadian Solar’s margins to rebound as it has burned through most of its high-cost inventory and is moving toward a lower cost structure that allows it to price aggressively and gain market share.

Dubinsky said he remains cautious on the overall solar sector, but believes Canadian Solar’s stock still has room to rise.

He raised his price target for the company to $19 from $14. He also raised his 2009 earnings estimate to 28 cents per share, up from a prior forecast of 2 cents per share. Analysts polled by Thomson Reuters estimate a profit of 5 cents per share, on average.

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