Today, FBR analyst Carter Driscoll suspended his rating and price target on shares of Sunedison Inc (NYSE:SUNE) amid many unknowns and uncertainties. The analyst believes that the lack of audited financials and concerns about true cash position currently makes Sunedison unpredictable.
Driscoll noted, “We are removing our rating and price target on SunEdison shares for several reasons. First, the company has not released audited financial statements since filing its 10-Q for 3Q15 results ending September 30, 2015. The company is currently undergoing internal audit investigations and recently cited material weakness in its internal controls over financial reporting as the reason for its delayed filing of the 2015 10-K. Second, without knowing the true financial condition of the firm, it is difficult to assess how the company is funding ongoing operations and the ability to satisfy any potential financial claims from pending litigation* (e.g., Vivint). Third, SunEdison’s complex financials and interconnectedness make it extremely difficult to understand where the company stands in terms of compliance with its financial covenants.”
“As a result, at this time, we are suspending our previous Outperform rating and $7 price target. We will continue to monitor company developments for changes to our main underlying concerns,” the analyst concluded.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Carter Driscoll has a yearly average return of -17.5% and a 29% success rate. Driscoll has a -77% average return when recommending SUNE, and is ranked #3678 out of 3828 analysts.
Out of the 14 analysts polled by TipRanks (in the past 3 months), 3 rate SunEdison stock a Buy, 8 rate the stock a Hold and 3 recommend to Sell. However, with a return potential of 500%, the stock’s consensus target price stands at $3.54.
Shares of Apple Inc. (NASDAQ:AAPL) rose nearly 2% today after Cowen analyst Timothy Arcuri upgraded the stock from Market Perform to Outperform, while raising the price target to $135 (from $125), which implies an upside of 23% from current levels.
Arcuri commented, “After ~8 mos on the sidelines, we are upgrading AAPL to Outperform and raising our target to $135. Y/Y compares and forward estimates have bottomed, iPhone 7 will benefit if nothing else from the 6/6+ “echo” effect as these units enter the upgrade base, OLED in ’17 solves growth concerns + builds a bridge to new “dreamy” form factors, and valuation provides a solid backstop.”
“Despite moving off the bottom, AAPL still trades at ~25% and ~30% discount to large-cap tech peers and S&P500, respectively, versus 5-yr avg of 8 and 17%, respectively. Thus, downside appears limited barring further estimate cuts, while green shoots of innovation around OLED could drive a better multiple and create a clear path to $135 or even higher,” the analyst added.
According to TipRanks.com, analyst Timothy Arcuri has a total average return of 6.7% and a 56.5% success rate. Arcuri has a 28.5% average return when recommending AAPL, and is ranked #393 out of 3828 analysts.
Out of the 51 analysts polled by TipRanks, 39 rate Apple stock a Buy, 9 rate the stock a Hold and 3 recommend to Sell. With a return potential of 25%, the stock’s consensus target price stands at $136.60.