#4 - Canadian Solar (NASDAQ:CSIQ)
Another company with a similar business model to First Solar is Canadian Solar (NASDAQ: CSIQ). As its name says, the company does business in Canada. However, one of the catalysts for CSIQ stock may very well be to long-term Operations & Maintenance Deals the company signed with two solar PV plus battery storage projects in the United States.
The deals were announced on September 7, 2021 but in the first week, it hasn’t had much effect on CSIQ stock. That is likely to change. Analysts give the stock a price target of $49.50 which is a 34% gain from its current price. Before that happens, however, the company will have to start generating revenue from some of its new contracts. That’s not likely to occur until 2023 which is one reason an analyst from GLJ Research downgraded CSIQ to a sell rating.
That’s not to say that Canadian Solar is struggling to generate revenue. In the company’s most recent quarter revenue was up 105% from the prior year which took into account the pandemic. Viewed through a wider two-year lens, revenue was still up an impressive 37% from the same quarter in 2019.
About Canadian Solar
Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.
Read More - Current Price
- $11.30
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 3 Hold Ratings, 3 Sell Ratings.
- Consensus Price Target
- $20.59 (82.2% Upside)
