Analysts Offer Insights on Technology Companies: Verizon (NYSE: VZ) and Canadian Solar Inc (NASDAQ: CSIQ)

By Carrie Williams

Analysts have been eager to weigh in on the Technology sector with new ratings on Verizon (NYSE: VZ) and Canadian Solar Inc (NASDAQ: CSIQ).

Verizon (NYSE: VZ)

Oppenheimer analyst Timothy Horan reiterated a Hold rating on Verizon (NYSE: VZ) today. The company’s shares closed yesterday at $48.81.

Horan wrote:

“We are updating our VZ estimates to reflect the company’s reorganization of its wireline division. The division now has four groups (Consumer Markets, Enterprise Solutions, Partner Solutions and Business Markets) vs. the historical composition (Mass Markets, Global Enterprise and Global Wholesale). We are lowering our estimates on lower revenue expectations from Wireline and Yahoo! (most models do not include Yahoo!, which is why our total revenue expectations are slightly above the Street’s for FY17/FY18). Our model is also updated to reflect our assumptions on VZ’s buyback program and our expectation that $400M will be repurchased in FY17.”

According to TipRanks.com, Horan is a top 25 analyst with an average return of 12.0% and a 76.2% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Riverbed Technology.

Currently, the analyst consensus on Verizon is Hold and the average price target is $50.29, representing a 3.0% upside.

In a report issued on April 6, RBC Capital also reiterated a Hold rating on the stock with a $51 price target.
Canadian Solar Inc (NASDAQ: CSIQ)

Oppenheimer analyst Colin Rusch reiterated a Buy rating on Canadian Solar Inc (NASDAQ: CSIQ) today and set a price target of $31. The company’s shares closed yesterday at $13.42.

Rusch said:

“As solar sentiment continues to be challenged given limited global demand growth and ongoing price pressure, we believe CSIQ is executing well utilizing a balanced approach. While return on incremental capex in the module business is not great, CSIQ appears to be taking a defensive posture on market share and its cost/pricing position to survive. At the same time, the company appears to be refining its project business to increase returns and optimize cash flow. We have been encouraged by recent project sale announcements and continue to believe shares are undervalued given CSIQ’s attractive project portfolio.”

According to TipRanks.com, Rusch is a 4-star analyst with an average return of 7.9% and a 48.3% success rate. Rusch covers the Technology sector, focusing on stocks such as Trimble Navigation Limited, SolarEdge Technologies, and Ultra Clean Holdings.

Currently, the analyst consensus on Canadian Solar Inc is Moderate Buy and the average price target is $31, representing a 131.0% upside.

In a report released yesterday, Axiom also initiated coverage with a Buy rating on the stock with a $18 price target.

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