Cowen and Company affirms SunEdison (NYSE: SUNE) at Outperform with a price target of $33 following Q4 results reported Wednesday night.

Analyst Jeffrey Osborne commented, SunEdison reported lower than expected revenue due to project completions below the midpoint of guidance. Backlog (2.6 GW) and Pipeline (5.1 GW) showed healthy growth and construction activity was steady. 295 MW of projects were held on the balance sheet in Q4, which is consistent with expectations. Management will provide guidance at their Capital Markets Day next week.

With the call, Cowen is focused on the following key points:

• Cash flow trends and conversion to cash receipts
• Emerging markets status updates – India, Chile, Brazil, and others
• Timing of the Emerging Markets YieldCo
• Pricing commentary – both PPA in U.S. and International trends
• Credit availability update and tax credit appetite by investors
• Cash flow benefit from Terraform drop downs
• Impacts to 4Q MW installations given completions were below the midpoint

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

SunEdison closed at $22.02 yesterday.