Azure Power Global Limited (AZRE) PT Raised to $31 at JMP Securities

JMP Securities analyst Joseph Osha raised the price target on Azure Power Global Limited (NYSE: AZRE) to $31.00 (from $30.00) while maintaining a Market Outperform rating. Azure reported modestly softer numbers than expected during the September quarter, but should benefit from improving realized tariffs.

Azure successfully won 924MWs of high-quality projects since the first quarter and is positioned well to benefit from a strengthening solar market. Having won several projects at higher tariffs, AZRE’s 2GW pipeline now has an average realized tariff 17% above India’s market low.

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