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8Point3 Energy's Q3 Beat And Raise Justify Rating Reiteration From Baird

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8Point3 Energy's Q3 Beat And Raise Justify Rating Reiteration From Baird

Following 8Point3 Energy Partners LP (NASDAQ: CAFD)'s third-quarter results — an outperformance and upward revision of guidance — Baird reiterated its Outperform rating on the shares of the company. The price target was reiterated at $20.

Analyst Ben Kallo noted that the company's operating revenues and adjusted EBITDA for the third quarter exceeded the firm's estimate and the consensus. The analyst also noted that the reported cash available for distribution exceeded its own guidance.

Baird also highlighted on the fact that the company raised its 2016 guidance, citing the third-quarter outperformance and operating performance of its projected portfolio. The firm believes the company will see continued growth due to being well capitalized and having flexibility in liquidity sources.

Related Link: Takeaways From Solar Conference: Still Too Early To Be Broadly Positive

With its recent announcement to acquire a 49 percent stake in the 102 MW Henrietta project, the company expects an incremental $10.9 million in cash available for distribution. Baird believes the company's current portfolio provides the necessary cash flow to reach its 2017 distribution targets without additional power purchases. The acquisitions, according to Baird, offer the company flexibility in managing cash flow.

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Latest Ratings for CAFD

DateFirmActionFromTo
Feb 2018MaintainsNeutralNeutral
Feb 2018DowngradesStrong BuyMarket Perform
Jan 2018DowngradesOutperformNeutral

View More Analyst Ratings for CAFD
View the Latest Analyst Ratings

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