UPDATE: SunEdison (SUNE) Stock Poised to Run Further; Needham Raises to Buy

August 23, 2013 8:58 AM EDT
Get Alerts SUNE Hot Sheet
Price: $0.34 --0%

Rating Summary:
    12 Buy, 7 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - August 23, 2013 10:10 AM EDT)

Needham & Company upgraded SunEdison (NYSE: SUNE) from Hold to Buy with a price target of $11.00. On Thursday the company's board approved an initial public offering of its semiconductor business to create SunEdison Semiconductor. In the view of analyst Y. Edwin Mok, this will help unlock value.

"Additionally, we anticipate a meaningful increase in the solar business starting in 4Q13 and believe buy-side expectations are low after the recent pull-back of the share price," said Mok.

"We believe the semi business would be worth >$3/sh in an IPO and coupled with improved consistency of its solar business, we see multiple expansion driving the share price higher. We recommend investors buy ahead of the September 9th call before the stock runs further," he added.

For an analyst ratings summary and ratings history on SunEdison (NYSE: SUNE) click here. For more ratings news on SunEdison click here.

Shares of SunEdison closed at $7.88 yesterday.

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