Baird Remains Bullish on 8point3 Energy Partners (CAFD) Following 1Q Report

Baird reiterated an Outperform rating and $20.00 price target on 8point3 Energy Partners LP (NASDAQ: CAFD) following the company's 1Q earnings report. Total operating revenue was $7.1M, exceeding consensus estimates of $6.7M. Adjusted EBITDA was $7.7M, exceeding consensus of $6.5M.

Analyst Ben Kallo commented, "CAFD beat our revenue, adj. EBITDA, and CAFD estimates, and reaffirmed its 12%-15% distribution growth rate. Additionally, management indicated the addition of Kern, Hooper, and Kingbird will provide sufficient CAFD to meet its distribution targets through 2017, and CAFD has sufficient financing for all three projects. Additionally, the company’s 1.2 GW ROFO list and strong sponsors should support long-term growth. CAFD remains a top pick given continued execution and "best-in-class" sponsors. We remain buyers at current levels."

For an analyst ratings summary and ratings history on 8point3 Energy Partners LP click here. For more ratings news on 8point3 Energy Partners LP click here.

Shares of 8point3 Energy Partners LP closed at $14.14 yesterday.

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