Wells Fargo analyst Michael Blum lowered the firm’s price target on Canadian Solar to $23 from $28 and keeps an Equal Weight rating on the shares. The firm notes Canadian Solar continues to expect a sharp rebound in shipments and margin over the course of the year driven by e-Storage backlog, normalization of DG inventories and ASP increases tied to demand recovery. Wells remains on the sidelines given high execution risk to achieve guidance.
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