Shares of Canadian Solar (CSIQ) tumbled 5.60% in pre-market trading on Wednesday, following a significant target price cut by Mizuho analysts. The sharp decline comes as investors react to the lowered expectations for the solar energy company's stock performance.

Mizuho, a prominent financial services group, reduced its target price for Canadian Solar from $20 to $16, signaling a less optimistic outlook for the company. This adjustment represents a 20% decrease in the expected value of CSIQ shares, likely prompting investors to reassess their positions and leading to the pre-market sell-off.

While the exact reasons behind Mizuho's decision to lower the target price were not immediately clear, such moves are typically based on factors such as changes in the company's financial outlook, industry trends, or broader market conditions affecting the solar energy sector. As the trading day progresses, market participants will be closely watching for any additional analyst comments or company statements that might provide further context for this significant price target reduction and its impact on Canadian Solar's stock performance.