In a report released today, Noah Kaye from Oppenheimer maintained a Buy rating on Hannon Armstrong (HASI), with a price target of $27. The company’s shares closed yesterday at $23.66, close to its 52-week high of $24.05.
Kaye commented:
“HASI beat 4Q18 consensus adj. EPS by $0.05 and reiterated long-term growth outlook while increasing its quarterly dividend by 2%. Despite completing a record $1.2B of originations for the year, balance sheet transactions remained flat, underscoring the healthy market appetite for securitizations and HASI’s flexible capital strategy. Higher investment in distributed solar ($300M resi, $50M C&I in the portfolio) during 2H18 drew focus during the earnings call. While we positively view HASI’s willingness to invest in distributed solar assets the company has good familiarity with, we do not anticipate HASI becoming overly concentrated in a single asset class and believe investments in early 2019 could shift toward energy efficiency and infrastructure resiliency. We raise our price target to $27 and maintain our Outperform rating.”
According to TipRanks.com, Kaye is a 4-star analyst with an average return of 7.5% and a 59.0% success rate. Kaye covers the Industrial Goods sector, focusing on stocks such as Rockwell Automation Inc, Caterpillar, and BorgWarner.
Hannon Armstrong has an analyst consensus of Moderate Buy, with a price target consensus of $25.
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Hannon Armstrong’s market cap is currently $1.25B and has a P/E ratio of 39.56. The company has a Price to Book ratio of 1.94.
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Hannon Armstrong Sustainable Infrastructure Capital, Inc. engages in the provision of capital and services focuses on reducing climate changing greenhouse gas emissions. It involves in the energy efficiency, renewable energy, and other sustainable infrastructure markets. The company was founded on November 7, 2012 and is headquartered in Annapolis, MD.
