Hottest Solar Stocks – Canadian Solar (CSIQ)
YTD Performance: +744%
Let’s face the facts: Canadian Solar (CSIQ) was basically left for dead as investors abandoned the sector. Canadian Solar stock started off 2013 with a measly $3.40 share price. Well, 744% later, CSIQ is one of the hottest solar stocks around, and is the second best performer on the Nasdaq this year.
The key for CSIQ was following the playbook of FSLR and becoming a developer of utility-sized solar farms. More than 41% of Canadian Solar’s third-quarter revenue came from developing solar farms and not selling direct panels. That helped CSIQ realize a 30% jump in revenue and earnings of 56 cents per share.
With more utility-sized deals coming its way, Canadian Solar stock is poised to keep growing in 2014. Analysts have a $42 price target for CSIQ stock, which translates to more than 45% upside.
As of this writing, Aaron Levitt did not hold a position in any of the aforementioned securities.