North Coast Solar Stocks

August 7, 2009

Canadian Solar price target raised on outlook

Filed under: CSIQ — Tags: , , , — Jason @ 2:53 pm

Analysts raise Canadian Solar price target on shipment growth outlook, expanding market share

Friday August 7, 2009, 2:53 pm EDT

NEW YORK (AP) — Canadian Solar (CSIQ) is gaining market share, which will drive growth in shipments, an analyst said Friday as he raised his price target on the company’s stock.

This, along with price target boosts from two other analysts, comes one day after the Toronto-based solar products maker posted a 47 percent jump in its second-quarter earnings, beating analyst expectations. The company also increased its guidance for 2009 solar power shipments to between 260 megawatts and 270 megawatts, up from previous guidance of between 200 megawatts and 220 megawatts.

Deutsche Bank analyst Steve O’Rourke looked favorably on this revised outlook and said this would expand the company’s market share and renew profitability. He raised the company’s price target to $17 from $9.

Still, O’Rourke warned that average selling prices could decline more sharply that Canadian Solar suggested and that near-term catalysts are not apparent, so he maintained his “Hold” rating for the stock.

Oppenheimer and Canaccord Adams also raised their price targets for Canadian Solar to $24 from $19 and to $25 from $17, respectively.

Shares of Canadian Solar fell 58 cents, or 3.1 percent, to $18.37 in afternoon trading.

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