Roth Capital Starts Azure Power Global Limited (AZRE) at Buy

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."

For an analyst ratings summary and ratings history on Azure Power Global Limited click here. For more ratings news on Azure Power Global Limited click here.

Shares of Azure Power Global Limited closed at $17.90 yesterday.

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