UPDATE: Needham & Company Reiterates Buy Rating, Raises PT on SunEdison Following Strong 3Q Results on Solar Upside

In a report published Thursday, Needham & Company analyst Y. Edwin Mok reiterated a Buy rating on SunEdison SUNE, and raised the price target from $11.00 to $15.00. In the report, Needham & Company noted, “SUNE reported strong 3Q results on solar upside. While guidance is a little below prior expectation, the strong growth of project construction and completion target confirmed that SUNE is able to expand its business to the target of 250-400MW/Q. Additionally, a more concrete target for a 1H14 Yield Co. offering with substantially higher value creation is getting investors excited on the prospect of the company. We continue to believe meaningful growth of solar business, the semi carveout and increased value creation through securitization (in equity or debt) will drive share price higher. Reiterate our Buy and raise our PT from $11 to $15.” SunEdison closed on Wednesday at $11.22.