TerraForm Power Inc. (TERP) Price Target Cut to $5.00
TerraForm Power Inc. (NASDAQ:TERP) had its price target dropped by research analysts at JPMorgan Chase & Co. from $6.00 to $5.00 in a report issued on Wednesday. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.’s price target would indicate a potential downside of 60.41% from the company’s current price.
The analysts wrote, “TERP issued an investor update presentation with 3Q operating metrics and guidance for FY16. Audited financials are still on the come. FY16 revenue and EBITDA guidance were slightly below our expectations and net income was negatively impacted owing to a higher interest expense than we had expected. The 3Q cash balance was slightly higher than expected. TERP did not issue guidance for CAFD but maintains that it will be “substantially lower” than the forecast issued prior to the SUNE bankruptcy owing to factors such as loss of financial and operational support. Encouragingly, TERP expects to become operationally independent from SUNE by January, with a stand-alone org structure, independent IT, and third-party asset management and O&M providers. TERP is seeking consent from bondholders to extend a 12/2 deadline for the company to become current with its SEC filings. We are adjusting our estimates, though our price target remains $13.””
Several other analysts also recently issued reports on TERP. Robert W. Baird set a $13.00 price objective on TerraForm Power and gave the stock a “neutral” rating in a report on Friday, September 23rd. Deutsche Bank AG restated a “hold” rating and set a $13.00 price objective on shares of TerraForm Power in a report on Monday, October 10th. Finally, Zacks Investment Research downgraded TerraForm Power from a “buy” rating to a “hold” rating in a report on Wednesday, August 24th. Eight research analysts have rated the stock with a hold rating, TerraForm Power currently has a consensus rating of “Hold” and a consensus price target of $12.25.
TerraForm Power (NASDAQ:TERP) traded down 2.09% on Wednesday, reaching $12.63. 777,090 shares of the company traded hands. TerraForm Power has a 52-week low of $6.78 and a 52-week high of $14.69. The stock’s market capitalization is $1.57 billion. The firm has a 50 day moving average price of $12.87 and a 200 day moving average price of $11.72.
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Several large investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its stake in shares of TerraForm Power by 109.0% in the third quarter. BNP Paribas Arbitrage SA now owns 7,228 shares of the company’s stock valued at $101,000 after buying an additional 3,769 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of TerraForm Power by 86.6% in the third quarter. Bank of Montreal Can now owns 8,371 shares of the company’s stock valued at $116,000 after buying an additional 3,886 shares during the last quarter. ProShare Advisors LLC purchased a new stake in shares of TerraForm Power during the second quarter valued at approximately $117,000. Fox Run Management L.L.C. purchased a new stake in shares of TerraForm Power during the second quarter valued at approximately $136,000. Finally, Boston Private Wealth LLC purchased a new stake in shares of TerraForm Power during the second quarter valued at approximately $164,000. 89.31% of the stock is owned by institutional investors and hedge funds.
About TerraForm Power
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