UPDATE: Lazard Capital Markets Raises PT on Canadian Solar on Bright Future
In a report published Thursday, Lazard Capital Markets analyst Sanjay Shrestha raised estimates and increased the PT from $20 to $25 for Canadian Solar Solutions Inc. (NASDAQ: CSIQ).
Canadian Solar undertook a large project to build and sell 9 solar power plants to TransCanada (1 out of 26 current projects in Canada). Shrestha noted the timely closure of selling two solar plants for approximately $6/ watt for over $95M (CDN) in the 3Q should have an EPS contribution and increase investor confidence in CSIQ's “ability to monetize a $1.5B Canadian project pipeline.”
Lazard Capital Markets reiterated their rating of Buy approving of the management's shift to systems business. “We see its strong project pipeline being able to support EPS of about $6.00 between 2014 and 2015.”
Canadian Solar closed at $18.56 on Wednesday.
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