Shares of Canadian Solar (CSIQ) experienced a sharp decline, plummeting 5.70% during intraday trading on Wednesday. The significant drop comes in the wake of a notable target price reduction by Mizuho analysts, sparking concern among investors about the solar energy company's stock performance outlook.

Mizuho, a prominent financial services group, lowered its target price for Canadian Solar from $20 to $16, representing a substantial 20% decrease in the expected value of CSIQ shares. This bearish adjustment has prompted investors to reassess their positions, leading to a sell-off in the stock.

While the specific factors behind Mizuho's decision to cut the target price were not immediately disclosed, such moves are typically based on changes in a company's financial outlook, industry trends, or broader market conditions affecting the solar energy sector. As trading continues, market participants will be closely monitoring for any additional analyst comments or company statements that might provide further insight into this significant price target reduction and its impact on Canadian Solar's stock performance.