Canadian Solar (CSIQ), after surging about 20% yesterday, was not greeted warmly by Wall Street analysts this morning. CSIQ was riding high after delivering an upbeat quarterly earnings report and outlook, and the news that a US solar tax break extension is forthcoming was also reason to celebrate. It appears, however, that the Street feels the market got overexcited with all the good news yesterday.
Broadpoint downgraded CSIQ from a Strong Buy to a BUY. They raised the target rise from $29 to $45, but cited valuation as the reason for the downgrade.
Collins Stewart downgraded CSIQ from Buy to HOLD also citing valuation.
Deutsche Bank maintain a HOLD rating and really likes CSIQ’s fundamentals, they just aren’t willing to chase the stock in the midst of the rally.