Canadian Solar price target lowered to $19 from $38 at Oppenheimer

Oppenheimer lowered the firm’s price target on Canadian Solar (CSIQ) to $19 from $38 and keeps an Outperform rating on the shares. The firm believes Canadian Solar is making the structural changes necessary to adapt to three major market drivers: shifting U.S. policy focused on domestic manufacturing; power demand driven by data centers that require 24/7 operation and increased power quality; and broader geopolitical uncertainty that potentially disrupts global energy markets. By scaling-up energy storage production and limiting solar module production as it shifts to U.S.-based manufacturing while growing its global project backlog, Oppenheimer thinks the company is positioned as a solution provider to both project developers and end-customers giving it increased flexibility for optimum value capture.