Canadian Solar Inc. (Nasdaq: CSIQ) Stock Alert – CSIQ Shares Up on Oppenheimer Upgrade
CanadianSolar Inc. (Nasdaq: CSIQ) shares dropped 2.95% to $10.19 in today’searly trading. Canadian Solar Inc. (CSI) designs, develops,manufactures and sells solar cell and module products that convertsunlight into electricity for a variety of uses. Canadian Solarconducts all of its manufacturing operations in China.
Sharesof the Toronto-based were bolstered after Oppenhiemer analyst SamDubinsky upgraded the stock to “Outperform” from “Perform,” with a $14price target. The analyst’s upgrade on the solar energy productmanufacturer can be attributed to the company’s balance sheet, productline strategy and underappreciated stock, despite an expressed concernover the solar sector as a whole.
Accordingto Dubinsky, Canadian Solar could emerge as one of the few rallyingsolar stocks as the industry struggles under the weight of excesscapacity, dismal first-quarter results and continued pricing pressure.Canadian Solar “managed its balance sheet significantly better thanpeers throughout this downturn,” Dubinsky said
Asinvestors view Canadian Solar’s 2010 performance with caution, theanalyst believes their consensus estimate of 59 cents per share isachievable, with room for upside.
CanadianSolar said it will hold a conference call with investors and analystson Tuesday, May 26, 2009, at 8 p.m. (in Jiangsu) to discuss results forthe company’s first quarter 2009 and business outlook. This will be 8a.m. in New York on Tuesday, May 26, 2009.
Italso designs and produces specialty solar modules and products based onits customers’ requirements. Specialty solar modules and productsconsist of customized modules that its customers incorporate into theirown products, such as solar-powered bus stop lighting, and completespecialty products, such as solar-powered car battery chargers. Itsells its products under its CSI brand name and to original equipmentmanufacturing (OEM) customers under their brand names.
Inits recent chart, CSIQ’s MACD reflects a strong bullish signal, withthe indicator above the 9-day moving average signal line, and alsoabove the 0 level, indicating that moving averages are trending higher.With share prices currently above the stock’s 13-day moving average, abullish trend is indicated. Also, a rising moving average signals thatthere has been buying interest in this stock. Trading near its upperBollinger Band, the stock reflects high price relative to its recentprice action.
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