UBS Cuts Price Target on 8point3 Energy Partners (CAFD) to $12
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UBS maintained a Sell rating on 8point3 Energy Partners LP (NASDAQ: CAFD), and cut the price target to $12.00 (from $14.00). Concerns over sponsor commitment linger, particularly given the more challenged backdrop for projects in 2017 and 2018.
Analyst Julien Dumoulin-Smith commented, "We are maintaining our Sell rating on CAFD with a lower price target of $12/sh, reflecting concerns around sponsor quality priced from FSLR and SPWR, and $1/sh of drop-down 'premium' to our core DCF value of $11/sh. CAFD is still trading at a premium to the DCF, in contrast to NYLD and PEGI peers, which are largely trading ~at DCF value (when employing a similar ~6% levered discount rate)."
Shares of 8point3 Energy Partners LP closed at $13.50 yesterday.
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