UBS Raises Price Target on Hannon Armstrong (HASI) to $27; Reiterates Buy
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UBS reiterated a Buy rating on Hannon Armstrong (NYSE: HASI), and raised the price target to $27.00 (from $22.00). HASI continues to develop new relationships and deepen existing financing partnerships. The company's securitization platform and access to capital markets provide ample capacity to execute on its $2.5B investment pipeline to drive earnings growth.
Analyst Julien Dumoulin-Smith commented, "We are raising our price target to $27 from $22 to reflect the rolling forward of our dividend estimate basis and earnings clarity into 2017 based on what we view as readily achievable guidance, and a substantially more resilient model to originations than renewable peers, seeing the bulk of its pipeline (~55% from energy efficiency projects). We see HASI as among the most defensive plays in the wider YieldCo space, given not only debt amortization, and established ongoing access to a wide variety of principally industrial companies for financial product."
Shares of Hannon Armstrong closed at $23.10 yesterday.
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