SunEdison (SUNE) PT Raised to $36 at Needham & Company

Needham & Company analyst Y. Edwin Mok reiterated a Buy rating and bumped his price target on SunEdison (NYSE: SUNE) to $36.00 (from $34.00) after the company announced $403 million in private placements for its emerging market YieldCo, TerraForm Global (TFG). In addition, SUNE also announced two new acquisitions in India and Central America, adding substantial wind capacity to SUNE's existing portfolio, and broadening SUNE's global backlog/pipeline.

"We expect SUNE will continue to use acquisitions to augment its strong internal development engine. As SUNE continues to execute its YieldCo strategy with more projects added to both TERP [N/R] and the imminent TFG IPO, we expect SUNE to further increase CAFD target," Mok said.

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

Shares of SunEdison closed at $30.27 yesterday.

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