Is Canadian Solar Inc. (CSIQ) Headed Even Lower?

Canadian Solar Inc. (CSIQ) may be vulnerable to future downgrades and price-target reductions

Aug 3, 2015 at 2:24 PM
facebook X logo linkedin


Canadian Solar Inc. (NASDAQ:CSIQ) is getting shelled this afternoon, possibly due to the company's exposure to China -- where markets continued to reel in the wake of soft purchasing managers data -- as well as broader energy-sector headwinds. At last check, CSIQ was down almost 8% at $24.73, cutting its year-to-date advance to just 2.2%.

Digging deeper on the charts, CSIQ appeared to bounce back last week after briefly breaching $24. However, the stock ran into its descending 30-day trendline, and is now headed decisively lower. In fact, since the shares' most recent high of $40.08 on May 11, they've surrendered 38%.

Additionally, from a contrarian perspective, Canadian Solar Inc. (NASDAQ:CSIQ) may be set up to suffer additional losses. Despite the stock's significant underperformance in recent months, 100% of analysts consider the shares a "strong buy." Plus, CSIQ's consensus 12-month price target of $45.24 stands in territory not charted since June 2008. In other words, the security could be vulnerable to a round of downgrades and/or price-target cuts.
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI