Needham & Company Positive on SunEdison (SUNE) Steps to Improve Operating Structure

Reeling 8% this morning from a nasty competitor downgrade after yesterday's 37% pop, Needham & Company views recent steps by SunEdison (NYSE: SUNE) as positive to improve the operating structure and address liquidity concerns.

"We see the management shake-up at the board level and the yieldcos, the drop down of higher yield projects to GLBL [N/R], and SUNE's pay down of the margin loan as positive signs that SUNE is responding to investor concerns regarding its liquidity and cash flow generation," Y. Edwin Mok commented. "The stock has rebounded 46% since last Friday's close, which we believe was largely due to short covering. As SUNE continues to improve the operation structure, we see potential for shares to move higher given the depressed levels."

The firm reiterating a Buy rating and price target of $10 on SUNE.

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 $4.12 yesterday.

You May Also Be Interested In

• BE Semiconductor (BESI:NA) (BESIY) PT Raised to EUR400 at Needham
• Micron Technology (MU) PT Raised to $1,550 at Needham
• William Blair Upgrades Backblaze Inc (BLZE) to Market Perform