Canadian Solar downgraded at Barclays as margins seen slipping Aug. 24, 2016 9:54 AM • SA Editor Carl Surran Canadian Solar (CSIQ -1.5%) is downgraded to Equal Weight from Overweight with a $14 price target, cut from $24, at Barclays, which believes the company's net debt to EBITDA ratio poses a greater risk than peers heading into 2017. While management has taken a slightly more cautious stance on capacity expansion and asset monetization, the firm sees the key takeaway is the broader issue of unintended consequences of government policy distorting the solar supply and demand relationship on a global scale. Barclays expects CSIQ to generate gross margins of 12.7% in 2017, down from 16.2% in 2016. |