Roth MKM analyst Philip Shen lowered the firm’s price target on Canadian Solar to $35 from $50 and keeps a Buy rating on the shares. The analyst cites the company’s Q3 earnings miss and weak Q4 guidance, while its 2024 shipment guide looked “optimistic”. The solar module industry is operating in a time of oversupply, and pricing has collapsed dramatically over the past couple of quarters, the firm tells investors in a research note.
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Read More on CSIQ:
- Canadian Solar call volume above normal and directionally bullish
- Canadian Solar downgraded to Underweight from Neutral at JPMorgan
- Canadian Solar’s (NASDAQ:CSIQ) Q3 Earnings Plunge, Investors on Edge
- Canadian Solar sees FY24 total module shipments 42 GW-47 GW
- Canadian Solar sees Q4 revenue $1.6B-$1.8B, consensus $2.65B