Canadian Solar (CSIQ) is rising today after another analyst issued a positive note:
NEW YORK (AP) — Canadian Solar share jumped in Thursday morning trading after an analyst raised his price target for the solar products maker.
Shares of the Canadian company gained 64 cents, or 5.1 per cent, to $13.26.
Oppenheimer analyst Sam Dubinsky said he expects Canadian Solar’s margins to rebound as it has burned through most of its high-cost inventory and is moving toward a lower cost structure that allows it to price aggressively and gain market share.
Dubinsky said he remains cautious on the overall solar sector, but believes Canadian Solar’s stock still has room to rise.
He raised his price target for the company to $19 from $14. He also raised his 2009 earnings estimate to 28 cents per share, up from a prior forecast of 2 cents per share. Analysts polled by Thomson Reuters estimate a profit of 5 cents per share, on average.
Earlier this week, Deutsched Bank also issued a positive report on the company.
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