SunEdison (SUNE) Target Goes to $20 at Needham & Company after Positive Capital Market Day

February 26, 2014 8:15 AM EST
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Price: $0.34 --0%

Rating Summary:
    12 Buy, 7 Hold, 4 Sell

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    Up: 22 | Down: 16 | New: 13
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Needham & Company analyst Y. Edwin Mok reiterated a Buy rating on SunEdison (NYSE: SUNE) and raised his price target from $18 to $20 after the company's Capital Market Day where it reaffirmed plans for a yieldco.

"Yesterday, SUNE hosted a well attended Capital Markets Day in NYC," Mok comments. "As expected, the company is targeting to hold more projects for greater value creation while raising full year project completion target by 100MW. We believe SUNE is able to scale its business and monetize projects developed through multiple means, including direct sale, yieldco, securitization, and other forms of financing. Overall, the meeting confirmed our belief that SUNE's unique structure of both selling and retaining projects will ultimately create more value than either approach alone. While we lower our estimates, we raise our PT from $18 to $20 based on a substantial increase to retained MW

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 $16.98 yesterday.

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