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Roth Capital Upgrades Canadian Solar Amid 'Overwhelming Sense Of Cynicism'

Roth Capital analyst Philip Shen upgraded Canadian Solar (CSIQ) to Buy from Neutral and raised his price target for the shares to $24 from $15.

The solar power company closed yesterday down 11% to $16.84. The analyst sees an attractive entry point post yesterday's selloff and believes an "overwhelming sense of cynicism" is now priced in.

He sees "real asset value" at the company, noting his sum-of-the-parts analysis suggests the stock should be worth $24. The Japanese portfolio alone is worth $9 per share, Shen tells investors in a research note.

Further, he expects a balance sheet transformation at Canadian Solar over the next six months.