Baird Downgrades TerraForm Power (TERP) to Neutral

Baird downgraded TerraForm Power (NASDAQ: TERP) from Outperform to Neutral with a price target of $25.00 (from $32.00).

Analyst Ben Kallo commented, "The recent selloff in shares makes it more difficult to finance TERP’s long-term growth targets with equity, and additional near-term debt issuances would likely have a higher cost according to our checks. We believe a higher distribution yield is suitable for TERP shares given long-term growth uncertainty, and will wait for additional clarity around TERP’s ability to finance growth before becoming more constructive."

For an analyst ratings summary and ratings history on TerraForm Power click here. For more ratings news on TerraForm Power click here.

Shares of TerraForm Power closed at $21.75 yesterday.

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