UPDATE: Jefferies Lowers PT on Canadian Solar to $14 (CSIQ)

Jefferies is out with its report today on Canadian Solar (NASDAQ: CSIQ), lowering its PT from $15 to $14.

In a note to clients, Jefferies writes, "CSIQ delivered in-line operating results, but EPS missed due to $17M FX hedge loss. 100MW will be shipped in 2Q but recognized in 3Q, which points to a very strong 3Q. We maintain our Buy rating and slightly lower our PT to $14 from $15 on higher component costs"

Shares of CSIQ closed Wednesday at $9.80, down 4.48% from Tuesday's close.