UPDATE: Wedbush Lowers PT on Canadian Solar to $10 (CSIQ)

Wedbush is out with its report today on Canadian Solar (NASDAQ: CSIQ), lowering its PT from $11 to $10.

In a note to clients, Wedbush writes, "We are NEUTRAL on Canadian Solar shares as we expect the company may slightly lag some other Chinese manufacturers on reducing costs. While we expect the company to remain among the low-cost module manufacturers, we do believe Canadian Solar's manufacturing costs are slightly higher than low cost competitors at this time. Our $10 price target is approximately 7x our 2011 GAAP EPS estimate of $1.39."

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