Barclays Capital analyst Vishal Shah upgraded his investment opinion on shares of Canadian Solar (CSIQ), based in part on better prospects for the company to receive financing for its projects.
On the news, the stock rallied $1.72, or 11.7%, to close at $16.41.
Shah raised his rating from Underweight to Equal Weight. He said that the stock has a more balanced risk-reward profile due to "robust near term fundamentals, improving bankability situation (ability to secure project financing) and relatively attractive valuation."
Shah also raised his price target to $16 from $11.50.
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