Canadian Solar (CSIQ) shares tumbled 5.17% in pre-market trading on Friday, following a significant downgrade from Roth Capital. The solar energy company's stock reacted sharply to the news of Roth lowering its rating from Buy to Neutral, coupled with a substantial reduction in its price target from $15 to $9.
The downgrade comes as a blow to Canadian Solar, which has been facing challenges in the competitive solar energy market. Roth's decision to slash its price target by 40% suggests growing concerns about the company's near-term prospects and potential headwinds in the industry.
This bearish outlook from Roth aligns with the broader sentiment among analysts. According to FactSet, the average rating for Canadian Solar currently stands at "hold," with a mean price target of $12.54. The disparity between Roth's new price target of $9 and the average target of $12.54 highlights the diverging views on the company's future performance, potentially adding to investor uncertainty.
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