Shares of Canadian Solar (CSIQ) are soaring 14.84% in Monday's trading session, defying a downgrade from Jefferies as investors appear more focused on the significant increase in the firm's price target. The solar energy company's stock is experiencing a notable surge despite mixed signals from analysts.

The rally comes after Jefferies downgraded Canadian Solar from Buy to Hold, but simultaneously raised its price target from $13.70 to $19.64. This substantial increase in the price target, representing a potential upside of over 40% from the previous target, seems to be outweighing the impact of the downgrade in investors' minds. The market's positive reaction suggests that traders are interpreting the higher price target as a vote of confidence in the company's future prospects, despite the more cautious rating.

It's worth noting that, according to FactSet, the average rating for Canadian Solar among analysts is Hold, with a mean price target of $12.57. The disparity between Jefferies' new price target and the consensus target indicates a potentially more optimistic outlook from Jefferies, even with the downgrade. As the trading session progresses, it will be interesting to see if this enthusiasm translates into sustained gains for Canadian Solar, potentially signaling a shift in market sentiment towards the solar energy sector.