Canadian Solar Inc. shares hit a new 52-week low on Tuesday. The stock traded as low as $9.30 during the day.
JPMorgan Chase & Co. lowered its price target to $8.00 from $9.00 and maintained an underweight rating. The reduced target reflects a cautious outlook on the company's near-term performance.
The report added to investor concerns about Canadian Solar's prospects in a competitive solar market.