Canadian Solar (NASDAQ:CSIQ) is up 5.7% on heavy volume to $39.94 after JP Morgan initiated coverage at overweight, with a price target of $55 per share.

Separately, the solar energy company said it won a module supply agreement to provide 18MW of photovoltaic modules to Hitachi, Ltd. in Japan. The project is expected to be in operation in March 2015.

Canadian Solar will supply approximately 73,556 pieces of its 60 cell high efficiency CS6P255P modules with power output of 255Wp for this new Japanese project. Electricity to be produced in the next 20 years will be sold to Tohoku Electric Power, Inc.

CSIQ is up more than 800% over the past year and tradse near the high end of a 52-week price range of $3.12 – $43.60 per share. CSIQ afternoon volume of 4.6 million shares is higher than average daily volume of 4 million shares.