UPDATE: Piper Jaffray Lowers PT on Canadian Solar to $3.30

Piper Jaffray is out with its report today on Canadian Solar (NASDAQ: CSIQ), lowering its PT from $8.00 to $3.30.

In its report, Piper Jaffray writes, "We believe that most of investor concern on the impact of falling prices on CSIQ is factored into the stock, as evidenced by it trading below our estimated replacement cost of $4.57. Our valuation moves to EV/sales where we use a 0.3x multiple, below the group at 0.7x, taking our price target to $3.30. Reiterate Neutral."

Shares of CSIQ closed Monday at $3.31, up 8.88% from Friday's close.