Wells Fargo Raises Canadian Solar Estimates

Following checks at the Solar Power International trade show, Wells Fargo Securities continues to believe that Canadian Solar, Inc.'s

turnaround is on track. “Industry demand is strong, ASPs are benefiting from a higher euro, the cost structure is improving through higher levels of integration, and earnings are accelerating,” Wells Fargo writes. “The SEC investigation is still an overhang, but we continue to like shares as a turnaround story.” Wells Fargo is raising its 2010/2011 EPS estimates to $1.37/$2.56, up from $1.27/$2.12, and its valuation range to $18-$21, up from $15-$17. Canadian Solar currently trades for $17.02.