SunEdison (SUNE) Target Lifted to $23 at Needham & Company
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Price: $2.24 -5.88%
Rating Summary:
11 Buy, 6 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 2
Rating Summary:
11 Buy, 6 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 2
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Needham & Company analyst Y. Edwin Mok reiterated a Buy rating on SunEdison (NYSE: SUNE) and raised his price target from $20 to $23 saying modeling the Yieldco's cash flow increases their confidence in value creation.
Mok said, "Despite the strong run-up of share price YTD, we believe SUNE has room to increase further based on multiple positive catalysts in the coming months. We have updated our financial models to include the yieldco's projected EBITDA/CAFD estimates in 2014-16, as well as segment EBITDA projections for the semi wafer and solar energy businesses. By applying comparable multiples, we found that valuation of the yieldco based on EBITDA/CAFD comp multiples could be even greater than valuation based on retained value. Based on this work and our increased confidence in the growth trajectory of SUNE's solar business, we raise our estimates and increase our PT to $23 in our updated SOTP model."
For an analyst ratings summary and ratings history on SunEdison click here. For more ratings news on SunEdison click here.
Shares of SunEdison closed at $20.06 yesterday.
Mok said, "Despite the strong run-up of share price YTD, we believe SUNE has room to increase further based on multiple positive catalysts in the coming months. We have updated our financial models to include the yieldco's projected EBITDA/CAFD estimates in 2014-16, as well as segment EBITDA projections for the semi wafer and solar energy businesses. By applying comparable multiples, we found that valuation of the yieldco based on EBITDA/CAFD comp multiples could be even greater than valuation based on retained value. Based on this work and our increased confidence in the growth trajectory of SUNE's solar business, we raise our estimates and increase our PT to $23 in our updated SOTP model."
For an analyst ratings summary and ratings history on SunEdison click here. For more ratings news on SunEdison click here.
Shares of SunEdison closed at $20.06 yesterday.
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