Canaccord Maintains Buy On SunEdison, Sees 51% Upside For The Stock
In a research note published yesterday, Canaccord analyst Josh Baribeau maintained a Buy rating on SunEdison (NASDAQ:SUNE) with a $30 price target, which represents a 51% upside from where the stock is currently trading.
Baribeau wrote, “We continue to believe that the company will unlock increasing value from its project pipeline.” The analyst added, “We believe that there remains significant investor appetite for risk and income to make this, the second solar pure-play YieldCo, a successful transaction. We continue to believe there will be many other solar YieldCos to follow from competing project developers and module makers.”
Baribeau continued, “We expect the yield on this vehicle to reflect the higher risk profile relative to Terraform, but believe that it will still be able to generate incremental value to parent SunEdison given the disparity in project IRRs in emerging markets and the value YieldCos have the potential to unlock.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Josh Baribeau has a total average return of -1% and a 37.5% success rate. Baribeau has a -13.4% average return when recommending SUNE, and is ranked #2580 out of 3326 analysts.