Sunedison (NASDAQ:SUNE) was upgraded by Bank of America Corp. from a “neutral” rating to a “buy” rating in a research note issued on Thursday, StockRatingsNetwork.com reports. The firm currently has a $10.00 target price on the stock, up from their previous target price of $9.00. Bank of America Corp.’s target price points to a potential upside of 35.32% from the stock’s previous close.
The analysts wrote, “SUNE reported June Q results and guidance below street expectations, and also lowered the full year semiconductor related revenues to $960M (from $980M midpoint) due to light demand and pricing pressure. The solar energy projects outlook for the full-year is heavily weighted towards C4Q. While this increases execution and timing related risks, the diversity of SUNE’s pipeline is a differentiating asset, and we believe it will continue to grow as the company keeps executing and attracting project capital. We believe our $0.85/watt target accurately accounts for variation in project segment (utility vs. DG), development (full project vs. EPC) and location (US vs. international) type. Our SOTP analysis yields a price objective of $10, which implies over 30% upside potential post the sell-off (-24%) yesterday. We use this opportunity to upgrade SUNE from a Neutral to Buy.”
Shares of Sunedison (NASDAQ:SUNE) opened at 7.39 on Thursday. Sunedison has a one year low of $2.15 and a one year high of $10.47. The stock’s 50-day moving average is currently $8.99. The company’s market cap is $1.713 billion.
Sunedison (NASDAQ:SUNE) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.13) by $0.06. The company had revenue of $401.30 million for the quarter, compared to the consensus estimate of $453.26 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. Sunedison’s revenue was down 47.3% compared to the same quarter last year. Analysts expect that Sunedison will post $0.16 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on SUNE. Analysts at TheStreet upgraded shares of Sunedison from a “sell” rating to a “hold” rating in a research note to investors on Wednesday, July 17th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Sunedison in a research note to investors on Friday, July 5th. They now have a $8.50 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Sunedison in a research note to investors on Wednesday, July 3rd.
Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $9.83.
SunEdison Inc, formerly MEMC Electronic Materials, Inc, is engaged in the development, manufacture and sale of silicon wafers.