Baird Trims PT on SunEdison (SUNE) to $10; Q3 Showed Strong Deployments, but Pipeline, Backlog Declined
Baird lowers its price target on Neutral-rated SunEdison (NYSE: SUNE) from $12 to $10 following Q3 results issued Tuesday morning.
Analyst Ben Kallo summarized: Q3 showed strong deployments and SUNE remains focused on long-term cash generation through project sales and reduction of OPEX. That said, SUNE’s pipeline and backlog both declined, and the VSLR closing may be delayed. We believe shares are under pressure given lower expectations for yieldco growth, SUNE’s focus on China and India for growth (with higher political/market risk), concerns over project margins, and SUNE’s capital structure. We remain on the sidelines.
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