11:00 AM EDT, 03/15/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target price by $5 to $24, or 7.9x our 2024 EPS estimate, which is below CSIQ's two-year average forward P/E multiple of 11.9x, warranted by strong headwinds in the solar industry (weaker demand due to higher interest rates and lower prices for solar modules). We lower our 2024 EPS estimate by $0.78 to $3.03 and start our 2025 EPS forecast at $4.10. CSIQ posted a Q4 adj. loss per share of $0.02 vs. adj. EPS of $1.11, $0.03 below consensus. Q4 sales declined 14% Y/Y but beat consensus by 1%, while adj. EBITDA fell 52% Y/Y and missed consensus by 32%. Module shipments in Q4 were 8.2 GW, up 26% Y/Y but down 2% Q/Q. The Q4 gross margin contracted to 12.5% vs. 16.7% in the prior-year quarter, driven mostly by lower module average selling price and an inventory write-down, partly offset by decreased operating costs and higher margin contributions from battery energy storage solutions. We think CSIQ is outperforming solar peers and we are bullish on its rapidly-growing e-STORAGE pipeline.