Baird reiterated an Outperform rating and $24.00 price target on Hannon Armstrong (NYSE: HASI) following the company's 2Q earnings report. HASI reported interest income of ~$12.6M which exceeded estimates of $11.9M. Core EPS of $0.32 beat consensus estimates of $0.30.

Analyst Ben Kallo commented, "Q2 beat across the board driven by solid securitizations and strong investment returns. HASI closed ~$257M of transactions during the quarter, which represents a ~21% increase sequentially, and we believe HASI is on track to reach its target of ~$1B of transactions during 2016. Additionally, HASI is well capitalized after its recent equity raise, which should drive core EPS growth after the capital is deployed. We continue to recommend buying shares given HASI’s large pipeline, solid dividend, and strong execution."

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Shares of Hannon Armstrong closed at $22.40 yesterday.