Canadian Solar Inc. (CSIQ) Posts Surprise Postive Preliminary Earnings, Shares Jump

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While the solar energy sector has been beaten down as of late, primarily due to falling oil prices, Canadian Solar Inc. (NASDAQ:CSIQ) gave their shareholders something to cheer about this morning. The company surprised the market by pre-announcing preliminary fourth quarter numbers which are better than analysts had expected.

Although Canadian Solar Inc. (NASDAQ:CSIQ) is not scheduled to report on their fourth quarter until March 10, the company said that in the quarter they shipped between 1,350 to 1,400 MW of solar modules. This is compared to their previous guidance of just 1,300 to 1,350 MW. Additionally they said that their fourth quarter revenue will come it at between $1.02 and $1.07 billion vs. the $930 to $980 million that they had guided to.

“Our stronger than expected results reflect continued health and robust demand in the global solar market, combined with Canadian Solar’s Tier 1 position, strong bankability, increased sales in higher ASP regions and the benefit of favorable currency moves,” explained Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We continue to execute to our business strategy, which balances the rapid expansion of our utility-scale solar power project pipeline, and the sustained global leadership of our solar module business. We expect the growth of global solar demand to continue based on the compelling environmental and cost advantages solar energy offers and its low single-digit penetration rate of the worldwide energy market.”

The stock increased 3.77% or $0.59 during the last trading session, hitting $16.39. About 4,833 shares traded hands. CSIQ has declined 36.55% since July 10, 2015 and is downtrending. It has underperformed the S&P500 by 27.68%.

From a total of 10 analysts covering Canadian Solar Inc. (NASDAQ:CSIQ) stock, 9 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 90% of the ratings are positive. The highest target price is $43 while the lowest target price is $25. The mean of all analyst targets is $33.60 which is 105.00% above today’s ($16.39) stock price. Canadian Solar Inc. was the topic of 13 analyst reports since August 19, 2015 according to the firm StockzIntelligence Inc. FBR Capital initiated shares on December 18 with a “Outperform” rating. Oppenheimer initiated shares with a”Outperform” rating and a $43 target share price in their report from a September 8. Standpoint Research downgraded CSIQ stock in a recent report from November 25 to a “Hold” rating. Cowen & Co initiated the rating on August 25. Cowen & Co has a “Outperform” rating and a $28.50 price target on shares. Finally, Stifel Nicolaus initiated the stock with a “Buy” rating in a report they issued on a September 24.

Canadian Solar Inc. is a solar power company, which designs, develops and makes solar wafers, solar cells and solar power products. The company has a market cap of $951.83 million. The Company’s solar power products include standard solar modules and specialty solar products. It has 5.18 P/E ratio. It has two divisions: module segment and energy segment.

#focuskw=’Canadian Solar Inc. (NASDAQ:CSIQ)’##metadesc=’While the solar energy sector has been beaten down as of late, primarily due to falling oil prices, Canadian Solar Inc. (NASDAQ:CSIQ) gave their shareholders something to cheer about this morning. The company surprised the market by pre-announcing preliminary fourth quarter numbers which are better than analysts had expected.Although Canadian Solar Inc. (NASDAQ:CSIQ) is not scheduled to report on their fourth quarter until March 10, the company said that in the quarter they shipped between 1,350 to 1,400 MW of solar modules. This is compared to their previous guidance of just 1,300 to 1,350 MW. Additionally they said that their fourth quarter revenue will come it at between $1.02 and $1.07 billion vs. the $930 to $980 million that they had guided to. “Our stronger than expected results reflect continued health and robust demand in the global solar market, combined with Canadian Solar’s Tier 1 position, strong bankability, increased sales in higher ASP regions and the benefit of favorable currency moves,” explained Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We continue to execute to our business strategy, which balances the rapid expansion of our utility-scale solar power project pipeline, and the sustained global leadership of our solar module business. We expect the growth of global solar demand to continue based on the compelling environmental and cost advantages solar energy offers and its low single-digit penetration rate of the worldwide energy market.”‘##metarobot=’index’##newskw=’Zafgen Inc positive news,Zafgen Inc – (NASDAQ:ZFGN),NASDAQ:ZFGN Analyst rating analysis,Stock Analysis,Outlook and potential,ZFGN Price change and trend,ZFGN stock update’##sitemap=’include’##skipsocial##stockticker=’NASDAQ:CSIQ’#