Oppenheimer analyst Colin Rusch believes Canadian Solar is executing well utilizing a balanced approach and appears to be taking a defensive posture on market share and its cost/pricing position to survive. The analyst has been encouraged by recent project sale announcements and continues to believe shares are undervalued given the company's attractive project portfolio. Rusch would remain a buyer at current levels, noting that he sees the possibility for the company to enjoy significant deleveraging as it liquidates project assets. He reiterates an Outperform rating and $31 price target on the shares.