Axiom Capital Upgrades SunEdison (SUNE) to Hold; But Still Sees 40% Downside
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Axiom Capital upgraded SunEdison (NYSE: SUNE) from Sell to Hold but maintained its price target of $2.00, or 40% downside.
Analyst Gordon Johnson said while the company claims its recent action reduces debt, they see the refinancing as "shockingly" diluted and adding to debt. Specifically, the firm said it will grow debt $196 million, interest expense by $50.8 million and equity dilution of 17.8% overall.
Shares of SunEdison closed at $3.34 yesterday.
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