Hannon Armstrong (HASI) PT Lowered to $26 at Baird

Baird lowered its price target on Hannon Armstrong (NYSE: HASI) to $26.00 (from $30.00) while maintaining an Outperform rating.

Analyst Ben Kallo commented, "HASI provided three-year guidance of 8%-12% total shareholder return on a compounded annual basis, which implies lower-than-expected core EPS growth, and management plans to focus on securitizations as it navigates a rising rate and flat yield curve environment. That said, we believe HASI offers lower-risk renewables exposure and a solid dividend, and think the company’s pipeline and history of execution will support growth over the long term."

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