Roth Capital Starts Azure Power Global Limited (AZRE) at Buy
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Roth Capital initiates coverage on Azure Power Global Limited (NYSE: AZRE) with a Buy rating and a price target of $22.00.
Analyst Philip Shen commented, "Founded in 2008, Azure Power Global Limited (NYSE: AZRE) has established itself as a leading solar IPP in India. As of September, AZRE had a contracted portfolio of ~1GW, including 358MW in operation and 649MW slated for completion by YE’17. The company’s integrated developer/IPP model and local expertise enable attractive project IRRs and earnings growth ahead. We believe shares are attractively valued compared with its emerging market IPP peer group. Initiating at Buy, $22PT."
Shares of Azure Power Global Limited closed at $17.90 yesterday.
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