Canadian Solar Inc. (CSIQ) stock soared 5.04% in Friday's trading session, following the initiation of coverage by Jefferies with a Buy rating and a $14.15 price target.

The positive analyst coverage from Jefferies suggests that the overcapacity concerns in the solar industry have already been priced in, and Canadian Solar's strong position in the solar supply chain and expanding project pipeline make it an attractive investment opportunity.

According to Jefferies, Canadian Solar's vertically integrated business model, spanning solar module manufacturing, solar project development, and energy storage solutions, provides a competitive advantage in the rapidly growing renewable energy market.