Roth Capital Upgrades Canadian Solar (CSIQ) to Buy Citing Strength of Management Execution

Roth Capital upgraded Canadian Solar (NASDAQ: CSIQ) from Neutral to Buy with a price target of $24.00 (from $15.00).

Analyst Philip Shen is positive on the potential for management to transform the balance sheet over the coming six months. The analyst expects sentiment transition to positive to be slow as there is much cynicism priced into the stock following Thursday's 11% downside move. Shen believes now is an attractive entry point as the stock is expected to appreciate over time. The analyst gives three reasons for the upgrade: there is real asset value, the transformation of the balance sheet should be completed by Q1 2018, and global module supply/demand dynamic is mostly balanced now.

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 $16.84 yesterday.

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