Canadian Solar (CSIQ) was Downgraded by Morgan Stanley to ” Underweight” while Lowering the Price Target of the company shares to $ 12.80 from a previous price target of $24 . Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Aug 3, 2016.
On the company’s financial health, Canadian Solar reported $0.39 EPS for the quarter, beating the analyst consensus estimate by $ 0.21 according to the earnings call on May 11, 2016. Analyst had a consensus of $0.18. The company had revenue of $721.40 million for the quarter, compared to analysts expectations of $662.89 million. The company’s revenue was down -16.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.04 EPS.
Canadian Solar closed down -0.39 points or -2.64% at $14.38 with 15,29,824 shares getting traded on Tusday. Post opening the session at $14.85, the shares hit an intraday low of $14.32 and an intraday high of $14.926 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.
Canadian Solar Inc. is a solar power company which designs develops and manufactures solar wafers solar cells and solar power products. The Company’s solar power products include standard solar modules and specialty solar products. It has two segments: module segment and energy segment. The Company’s module segment primarily involves design development manufacture and sales of solar power products and solar system kits. The Company’s energy segment involves solar power project development engineering procurement and construction services operations and maintenance services and electricity revenue generation. Its products include a range of solar modules for use in residential commercial and industrial solar power generation systems. Its specialty solar products consist of solar modules that the customers incorporate into their own products and complete specialty products such as portable solar home systems. The Company sells its products under Canadian Solar brand name.