Canadian Solar Inc. (CSIQ) shares surged 5.13% on Friday, following Mizuho's initiation of coverage with an Outperform rating and a $20 price target. The bullish analyst call fueled the stock's rally during intraday trading.
Mizuho analysts cited Canadian Solar's growing energy storage business as a key growth engine that helps offset weaker solar margins. They expect the company to navigate U.S. import tariffs and global solar oversupply challenges by expanding its domestic manufacturing capabilities.
While Mizuho anticipates margin pressure for Canadian Solar in 2025 due to industry headwinds, they project a recovery in 2026 and 2027 as the company's U.S. manufacturing expansion supports its profitability. The $20 price target represents a 62% premium over the stock's previous closing price.
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