Canadian Solar Inc. Upgraded From Hold To Buy

Canadian Solar Inc.

Upgraded from Hold to Buy by Jefferies & Company on higher ASPS in 2011. In a research note Jefferies & Company writes, "We believe CSIQ will have higher than previously expected ASPs through 2011 and the company will benefit from cost savings by sourcing more cell components internally. We believe the SEC subpoena is behind the company, and is priced in trading at an ~8x multiple.We upgrade our rating to Buy from Hold, and raise our PT to $17 from $12 on higher ASPs in 2011. CSIQ Senior Management will attend our Jefferies Solar Symposium on October 13 in Los Angeles, CA. CSIQ closed yesterday at $16.30