Hannon Armstrong (HASI) PT Maintained at $24 at Citi

(Updated - May 21, 2024 12:34 PM EDT)

Citi analyst Vikram Bagri maintained the price target on Hannon Armstrong (NYSE: HASI) at $24.00 while maintaining a Neutral rating.

The analyst comments "Positive. HASI reported adjusted EPS of $0.68/sh vs our $0.56/sh estimate and consensus of $0.58/sh. LT guidance was maintained. HASI closed $562mm in investments at avg yield of 10.5%, which was broadly expected. In conjunction with earnings, HASI announced a strategic partnership with KKR, to invest $2B in sustainable assets. In this 50/50 partnership, HASI will earn an upfront fee of ~1% for finding investment opportunities and 75-100bps in recurring asset management fee. While results were largely a non-event, KKR partnership could drive ~2% upside in the stock."

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