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CSIQ

Canadian Solar

$13.72

-0.18 (-1.30%)

08:21
08/29/18
08/29
08:21
08/29/18
08:21

Canadian Solar holder Lion Point offers up to $250M to finance privatization bid

In a regulatory filing, Lion Point disclosed it holds a 6.0% stake in Canadian Solar and "continues to believe that the shares are significantly undervalued and trade at a steep discount to their intrinsic value" given the company's "high quality assets as well as the outstanding $18.47 per share acquisition proposal" made by Shawn Qu, the company's Chairman and CEO. "Following the public announcement of the Privatization Proposal, Lion Point had conversations with several large financial and strategic institutions that expressed an interest in potentially providing financing for the Privatization Proposal, and Lion Point subsequently submitted a preliminary term sheet, subject to due diligence and certain other conditions being met, including the participation of certain third party financing sources, to the Chairman offering to provide a 5-year financing package of up to $250M to i) backstop the sources of funds arranged by the Chairman for the Privatization Proposal and ii) to make additional funds available to increase the per Share price of the Privatization Proposal, if necessary. Lion Point has also indicated to the Chairman that, based on its discussions with certain financial institutions and strategic investors, it may be able to significantly increase the size of the offered financing subject to governance, diligence and other conditions. Lion Point has engaged and intends to continue to engage in discussions with the Issuer's management and Board, including the Special Committee of the Board formed to consider the Privatization Proposal, and its advisors regarding Lion Point's views on the Issuer and opportunities to enhance shareholder value, the composition of the Board and management, operational expense reductions, share repurchases, improved communication with public investors and strategic transactions, including a spin-off or separate listing of the Issuer's energy business or a sale of the Issuer as a whole or in parts," the filing stated.

CSIQ Canadian Solar
$13.72

-0.18 (-1.30%)

06/15/18
ROTH
06/15/18
NO CHANGE
ROTH
Enphase, SolarEdge inverters won't be subject to 301 tariffs, says Roth Capital
After the U.S. Trade Representative released two lists of products that will be subject to 25% tariffs under the Section 301 investigation, Roth Capital analyst Philip Shen noted that the lists did not include solar inverters, cells, or modules. He does not believe imported inverters from Enphase Energy (ENPH), SolarEdge (SEDG) and others will be subject to 301 tariffs, though he notes that solar cells and modules will continue to be impacted by the Section 201 and AD/CVD tariffs. Other publicly traded companies in the solar space include Canadian Solar (CSIQ), First Solar (FSLR), JA Solar (JASO), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE).
06/19/18
FBCO
06/19/18
UPGRADE
Target $53
FBCO
Neutral
Credit Suisse upgrades First Solar to Neutral amid 'overblown' Section 301 fears
As previously reported, Credit Suisse analyst Michael Weinstein upgraded First Solar (FSLR) to Neutral from Underperform, noting that solar manufacturers and developers' stocks have recently slumped on concerns about the fresh round of "Section 301" tariffs on Chinese imports. However, he thinks the negative reaction is "overblown" for the space, and "even more overblown" for First Solar, which Weinstein notes doesn't have any Chinese factories and actually stands to benefit from tariffs on competing products. He maintains a $53 price target on First Solar shares. Other publicly traded companies in the solar space include Canadian Solar (CSIQ), JA Solar (JASO), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE).
06/25/18
06/25/18
UPGRADE
Target $63

Buy
First Solar upgraded to Buy on 'most bullish possible' IRS guide at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst Julien Dumoulin-Smith upgraded First Solar (FSLR) to Buy from Neutral, stating that the latest IRS tax guidance allowing for up to 4-year ITC extension on solar projects with commence construction qualification was " the most bullish interpretation IRS could have released." The IRS guidance is likely worth at least $50B to his prior cumulative capex expectations for the sector through 2023, Dumoulin-Smith tells investors. While he has less confidence on a module price recovery, the analyst sees prospects for more U.S. bound projects, he added. He maintains a $63 price target on First Solar shares. Other publicly traded companies in the space include Canadian Solar (CSIQ), JA Solar (JASO), SunEdison (SUNEQ), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE).
07/18/18
GSCO
07/18/18
DOWNGRADE
Target $15
GSCO
Neutral
Sunrun downgraded to Neutral at Goldman Sachs on valuation
As reported earlier, Goldman Sachs analyst Brian Lee downgraded Sunrun to Neutral from Buy as part of his broader research note on the solar sector and also kept his price target at $15 citing valuation on the stock. The analyst states that Sunrun has already run up 160% year to date and also cites the shift in China's solar policy in late May along with the ensuing price collapse across the supply chain toward quarter-end, which raises the risk of margin misses and weaker Q3 guidance. Lee adds that China-levered names like Jinko Solar (JKS) and Canadian Solar (CSIQ) thus face particularly challenging demand outlooks. The analyst has the most constructive view on the U.S. residential installer Vivint Solar (VSLR), which stands to "benefit from lower module costs and what we expect could close the valuation gap relative to peers.

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Facebook

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TRUP

Trupanion

$36.77

0.71 (1.97%)

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Ford

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