Baird Reiterates Outperform on 8point3 Energy Partners (CAFD) Following 3Q Report
Baird reiterated an Outperform rating and $20.00 price target on 8point3 Energy Partners LP (NASDAQ: CAFD) following the company's 3Q earnings report. Total operating revenue was $26.1M, exceeding consensus estimates of $23.3M, and adjusted EBITDA was $32.9M versus $29.7M/$26.5M.
Analyst Ben Kallo commented, "CAFD beat estimates across the board and reaffirmed its 12%-15% distribution growth rate. Additionally, CAFD announced a $250M increase to its credit facility, which should facilitate additional project purchases, and has total potential liquidity of ~$381M. CAFD also announced the purchase of a portion of the Henrietta project from SunPower, which will increase CAFD and help drive distribution growth. CAFD remains a top pick given continued execution and we remain buyers at current levels."
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Shares of 8point3 Energy Partners LP closed at $15.45 yesterday.