UBS Cuts Price Target on Hannon Armstrong (HASI) to $23; Reiterates Buy
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UBS maintained a Buy rating on Hannon Armstrong (NYSE: HASI), and cut the price target to $23.00 (from $27.00). UBS remains positive that the company will be able to hit its growth targets in the near term given the growth potential and stability of the business and latitude to raise leverage. While management is confident it will be able to retain REIT status, we highlight that an adverse ruling would likely have only a nominal effect on the company's results as only ~20% of core earnings would likely be impacted.
Analyst Julien Dumoulin-Smith commented, "We highlight 3Q16 results were very much in-line with expectations, with $242 Mn of transactions closed vs. $140 Mn in 3Q15. As management is still guiding to $1 Bn+ of new originations for the year (vs. ~$712 Mn YTD), we expect a strong 4Q, particularly in light of historical patterns for transaction volume and recent equity issuance; potentially exceeding this $1 Bn mark. We see management as poised to deliver on FY16 results at the top end of range too, albeit the real question is just how much if any further balance sheet growth can be delivered in '17 to execute on 10%+ ('doubledigit') EPS growth."
Shares of Hannon Armstrong closed at $20.36 yesterday.
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