Mizuho initiated coverage of Canadian Solar (CSIQ) with an Outperform rating and $20 price target Canadian Solar is a perennial top-five manufacturer of solar cells and modules globally and its battery energy storage business is growing faster than the industry, the analyst tells investors in a research note. The firm likes the company’s focus on expanding U.S. solar manufacturing, which it notes is in line with the U.S. government’s focus on near-shoring solar tariffs, as well as its “underappreciated” margin-accretive energy storage business, which Mizuho believes is taking market share.
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