UPDATE: Piper Jaffray Upgrades Canadian Solar; Raises PT

According to a research report published this morning, Piper Jaffray has upgraded Canadian Solar

from Neutral to Overweight, and raised PT from $2.70 to $5.00. In the report, Piper Jaffray said, "We upgrade CSIQ to OW on the strength of the Company's growing project business. While CSIQ is subject to pricing and margin pressures that are weighing down solar component companies, its project business likely buoys its corporate gross margins into the mid-teens in 2013 by our estimates and is likely not in consensus estimates, indicating potential earnings upside. We expect to see the first signs of successful execution in the project pipeline in 2Q12." Canadian Solar closed yesterday at $3.48.