13 November 2025 | 10:23PM EST Equity Research Canadian Solar Inc. (CSIQ) Earlier deliveries drive 3Q25 beat and weak 4Q25 guidance; 2026 guidance introduced; Sell CSIQ 12m Price Target: $17.00 Price: $28.62 Downside: 40.6% CSIQ's 3Q25 results beat expectations driven by accelerated storage deliveries, as module shipments were in line with guidance. Additionally, gross margins also exceeded guidance, driven by the incremental storage volumes, and opex decreased by 10% yoy due to ongoing cost reductions. How ...