Stock Update: Canadian Solar Inc. (NASDAQ:CSIQ)

(Zacks) Canadian Solar Inc. (NASDAQ:CSIQ) has completed the construction of its first photovoltaic (PV.V) solar power plant at Shibushichocho, Japan. The Shibushichocho, Kagoshima Prefecture-based 1.2-megawatt (MW) DC solar PV power plant, powered by CS6P-255P modules, has the capacity to generate around 1,533 megawatt-hours (MWh) of electricity annually.Stock PerformanceTaking a look at the company’s recent performance, Canadian Solar Inc. (CSIQ) reported second quarter earnings for fiscal 2014 on August 13^th. The company reported actual earnings per share of $0.95 against the consensus Street estimate of $0.58. This represents year over year growth of more than 124%. Canadian Solar posted revenue of $623.80 million against estimates of $577.65 million.Canadian Solar Inc. (CSIQ) is currently valued at $1.57 billion and closed the last trading session at $28.55. The stock has a 50-day moving average of $35.52 and a 200-day moving average of $30.

Is this a Buying Opportunity?There are currently eleven analysts that we track that cover the stock. Of those eleven, nine have a Buy rating, one has a hold rating and one has a Sell rating. On a consensus basis this yields a score of 2.73 and a Buy. The combined price objective of these covering analysts is $44.19, which represents a 16.65% difference to the last closing price.The most recent analyst activity consisted of Canaccord Genuity boosting their Buy stance on the company. Canaccord Genuity has a price target of $48 which represents an upside of 5.59% from the last closing price. On the date of the report, the stock closed at $37.85.Another research firm weighing in recently was FBR Capital Markets who also reiterated their rating on the stock. On Sept 17^thFBR Capital Markets boosted their price target on the stock from $40 to $45, or a 18.79% upside to the current price. On the day of the report, CSIQ shares closed at $40.29.Company ProfileCanadian Solar Inc. (CSIQ) together with its subsidiaries, designs, develops, manufactures, and sells solar wafers, cells, and solar module products worldwide. The company operates in two segments, Module and Project. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems. The company also provides specialty solar modules and products consisting of Andes Solar Home System, an off-grid solar system, designed to provide an economical source of electricity to homes and communities without access to grid; and Maple Solar System, a clean energy solution for families, as well as sells solar system kits, which are a ready-to-install packages comprising third party supplied components, such as inverters, racking system, and other accessories