Shares of Canadian Solar Inc. (CSIQ) tumbled over 5% in pre-market trading on Monday following a downgrade from Citigroup. The U.S. investment bank lowered its rating on the solar energy company to "Sell" from "Neutral" and slashed its price target to $11 from $19.
The sharp sell-off highlights investor concerns over Canadian Solar's prospects after Citigroup's bearish call. The downgrade reflects potential headwinds facing the company, such as intense competition, rising costs, and supply chain disruptions in the renewable energy sector.
Canadian Solar, based in Ontario, is a major manufacturer of solar photovoltaic modules and a provider of solar energy solutions globally. The company's stock has faced volatility in recent months as the industry grapples with challenges stemming from inflation pressures and geopolitical tensions impacting trade flows.
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