Baird Starts SunEdison (SUNE) at Outperform

Baird initiated coverage on SunEdison (NYSE: SUNE) with a Outperform rating and a price target of $35. Analyst Ben Kallo thinks the stock is under-owned.

"SUNE is a leading developer of renewable energy projects with a large development pipeline, exposure to the U.S. and international markets, and sales channels across all customer classes. Additionally, SUNE plans to launch an emerging market yieldco and could move to a GP/LP structure to unlock additional shareholder value. SUNE’s position in the growing renewable energy market and upcoming catalysts lead us to initiate at Outperform," said Kallo.

"SUNE is a consensus long by hedge funds, but we believe SUNE is still very under owned and think long-only sponsorship will increase as SUNE continues to execute on its plans. Although SUNE has had strong YTD returns of ~48% and significantly outperformed the S&P (+3.1%), we believe the company will continue to attract new investors as it executes on its growth plan, launches TerraForm Global, and continues to expand in the U.S. and international markets," added the analyst.

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 $29.18 yesterday.

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