Top 5 Reasons You Should Watch Canadian Solar (CSIQ) Stock This Week
5. Zacks rated the stock as a “strong buy.”
Noting that Canadian Solar has seen trouble as of recently, the analyst company Zacks rated the stock as a “strong buy” today, saying that its earnings per share were “huge.” Brian Bolan, writing for Zacks, noted that he was “even more impressed with the revenue of $624M, nearly double the $380M from the year ago levels and $49M ahead of expectations.”
4. They’ve been on top before.
As Bolan notes, Zacks has rated Canadian Solar as a “strong buy” already twice this year. It was Bull of the Day in February and again six weeks later. While it’s had its peaks and valleys this year, it’ll be interesting to see where the stock goes from the top this time. It would seem the only way off the summit is to go down, but it remains to be seen this week where CSIQ moves next.
3. It remains afloat while others dip beneath the surface.
Energy and mining stocks were down in Toronto this week—a week that could see stocks skyrocket with positive economic data. On Friday, the U.S. will release its August jobs report and that is expected to have a massive effect on the markets. Hopefully, CSIQ will continue to climb with a positive report and other mining and energy stocks climb out from the holes they’re currently in.
2. The Canadian Energy Strategy (CES) will provide a framework for CSIQ to work within.
The release this week of the CES will drive renewable energy production in Canada, as it focuses the country of getting clean power deployed more rapidly. Seeing as how CSIQ is the largest solar company is Canada, this is great news. There will be more job opportunities and room for the company to grow. Pay attention to how markets react this week.
1. Their installation for Conti Group shows their strength.
In Q2 of 2014, CSIQ supplied Conti/SunDurance with 11 MW of solar modules. This number shows strong growth for CSIQ and both parties spun the installations as very positive for all involved. “We partner with sophisticated solar developers, solar asset owners and electrical utilities to design and build large scale projects, and are very excited to work with Canadian Solar on this opportunity,” Matthew Skidmore, Vice President at Conti, said. “We are pleased to be selected to supply our PV modules to Conti, a world leading EPC provider. We are looking forward to working with Conti in the future. I am confident that Canadian Solar's global leadership, proven track record, and well-known brand name will continue to make us a partner of choice in powering key solar installations worldwide,” Dr. Shawn Qu, Chairman CEO of Canadian Solar, said. Watch this week to see how the markets react.