Canadian Solar price target lowered to $27 from $43 at Oppenheimer

Oppenheimer analyst Colin Rusch lowered the firm’s price target on Canadian Solar to $27 from $43 and keeps an Outperform rating on the shares. With the company moderating capex spend and lowering guidance on module sales, management cautioned on the challenges of excess of Asia-based manufacturing capacity, the analyst tells investors in a research note. The firm says that while industry growth remains substantial, interconnection delays and select regulatory headwinds are limiting the high-end of global installation growth and module margins. However, Canadian Solar’s energy storage business continues to scale ahead of peers, Opco notes. It cut estimates to reflect revised sales volumes and margins along with the impact of the company’s preferred dividends from its Blackrock investment, but remains constructive on a recovery in profitability in 2025.