The first quarter was weak for the solar sector overall, but Canadian Solar Inc.'s ( CSIQ ) performance "seemed unusually messy," Canaccord Genuity analyst Jonathan Dorsheimer is cited in the Globe and Mail as saying. The company saw a large increase in debt as well as forex and derivative losses, and reported it is shipping significant volumes in the second quarter that will not be recognized until later in the year, the report said.
It added Dorsheimer cut his price target to US$10 and maintained a Buy rating, but didn't say what the previous price target was.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
