Citi Downgrades Canadian Solar (CSIQ) to Sell

Citi analyst Vikram Bagri downgraded Canadian Solar (NASDAQ: CSIQ) from Neutral to Sell with a price target of $11.00 (from $19.00).

The analyst comments: "We are downgrading CSIQ to Sell from Neutral. We believe CSIQ faces uncertainty surrounding its PV module business in the US, which is essentially the only profitable market for modules currently. The risks to US module business are further compounded by high CVD rate on Thailand (23%) and possibility of Trump presidency. Furthermore, the outlook for storage margin may have changed as the company recently tempered expectations and indicated mid-teen margins (vs 20%) in the medium term. Finally, even if Democrats win the White House, CSIQ may deal with potentially higher tariffs from AD, strain on balance sheet due to CVD rates, and increased capital requirements due to spending on PV/storage cell factories, which will require outside equity."

For an analyst ratings summary and ratings history on Canadian Solar click here. For more ratings news on Canadian Solar click here.

Shares of Canadian Solar closed at $12.63 yesterday.

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