Canadian Solar price target raised to $12.28 from $9.10 at GLJ Research

GLJ Research raised the firm’s price target on Canadian Solar to $12.28 from $9.10 and keeps a Sell rating on the shares. The firm’s checks suggest many investors feel Canadian Solar’s 5.0GW of recurrent energy solar project development pipeline projects position it well “to weather the current storm of oversupply in its core business of selling solar modules.” However, the analyst believes consensus estimates for 2024 and 2025 remain too high. It expects a “modest earnings miss” for Canadian Solar in Q2 and recommends investors short the stock into the print.