UPDATE: Citigroup Reiterates Buy Rating, Raises PT on SunEdison on Stronger Outlook, Price Upside Midpoint

In a report published Friday, Citigroup analyst Shahriar Pourreza reiterated a Buy rating on

, and raised the price target from $11.00 to $21.00. In the report, Citigroup noted, “The increase in our target price is twofold: (1) stronger outlook through our forecast period and beyond versus prior forecast – impacting valuation and EPS and (2) the approximate midpoint of potential price upside for SUNE from a pending YieldCo(s) and ABS transaction under our very conservative assumptions. We continue to be supporters of SUNE shares, since our February 2013 launch.” SunEdison closed on Thursday at $11.22.