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Earlier, analysts at GLJ Research trimmed their price target for Canadian Solar, citing solar oversupply risks and the company’s inability to sell projects profitably.
Shares of Canadian Solar Inc. (CSIQ) rose 0.7% in pre-market trading on Tuesday ahead of the company’s fourth-quarter earnings report scheduled to be released later in the day.
Canadian Solar is expected to report a loss of $0.11 per share, compared to a loss of $0.02 per share that it reported during the same period a year earlier.
The company’s revenue is expected to come in at $1.57 billion, declining from $1.7 billion that it reported in the year-ago period.
For the fiscal year 2024, Canadian Solar is expected to report earnings per share (EPS) of $0.05, significantly lower than the $3.87 that it posted in 2023.
Revenue for the full year is expected to drop to $6.15 billion from $7.61 billion in 2023.
Earlier, analysts at GLJ Research trimmed their price target for Canadian Solar to $7.28 from $12.28, according to The Fly. It maintained a ‘Sell’ rating due to solar oversupply risks.
The brokerage also cited Canadian Solar not being able to sell its projects profitably.
Koyfin data shows the average price target for Canadian Solar is $15.52, implying a 60% upside from Monday’s closing price.
Of the 10 brokerage calls, five either recommend ‘Buy’ or ‘Strong Buy,’ while there are four ‘Sell’ and ‘Strong Sell’ ratings. One brokerage has a ‘Hold’ recommendation.
Retail sentiment on Stocktwits around Canadian Solar declined but remained in the ‘bullish’ (65/100) territory. Message volume remained at ‘high’ levels.
One user said while they expect bad Q4 results, the guidance for fiscal year 2025 is expected to be “strong.”
Canadian Solar’s stock has declined nearly 13% year-to-date.
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