Baird Reiterates Outperform on 8point3 Energy Partners (CAFD) Following 3Q Report

September 21, 2016 8:50 AM EDT
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Price: $14.34 +0.07%

Rating Summary:
    14 Buy, 1 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Baird reiterated an Outperform rating and $20.00 price target on 8point3 Energy Partners LP (NASDAQ: CAFD) following the company's 3Q earnings report. Total operating revenue was $26.1M, exceeding consensus estimates of $23.3M, and adjusted EBITDA was $32.9M versus $29.7M/$26.5M.

Analyst Ben Kallo commented, "CAFD beat estimates across the board and reaffirmed its 12%-15% distribution growth rate. Additionally, CAFD announced a $250M increase to its credit facility, which should facilitate additional project purchases, and has total potential liquidity of ~$381M. CAFD also announced the purchase of a portion of the Henrietta project from SunPower, which will increase CAFD and help drive distribution growth. CAFD remains a top pick given continued execution and 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 $15.45 yesterday.

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