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Bank of America : TerraForm Power Research Coverage Started at Bank of America

01/31/2015 | 08:00pm US/Eastern

Bank of America assumed coverage on shares of TerraForm Power in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm issued a buy rating and a $39.00 price target on the stock.

Bank of America has also taken action a number of other stocks recently. The firm upgraded shares of STMicroelectronics NV (ADR) from a neutral rating to a buy rating. The firm now has a $10.30 price target on that stock, up previously from $8.60. Also, Bank of America upgraded shares of Unilever plc (ADR) from an underperform rating to a buy rating. Finally, Bank of America upgraded shares of Telefonica S.A. (ADR) from an underperform rating to a neutral rating.

Shares of TerraForm Power opened at 32.30 on Tuesday. TerraForm Power has a one year low of $21.58 and a one year high of $34.74. The stock’s 50-day moving average is $29.89 and its 200-day moving average is $29.77. The company’s market cap is $1.751 billion.

TerraForm Power last announced its earnings results on Wednesday, November 5th. The company reported ($0.15) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.07 by $0.22. The company had revenue of $56.00 million for the quarter, compared to the consensus estimate of $52.55 million. TerraForm Power’s revenue was up 154.5% compared to the same quarter last year. On average, analysts predict that TerraForm Power will post $-0.16 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Thursday, February 26th. This is a boost from TerraForm Power’s previous quarterly dividend of $0.17.

Separately, analysts at JPMorgan Chase & Co. reiterated an overweight rating and set a $37.00 price target on shares of TerraForm Power in a research note on Monday, December 29th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $36.20.

TerraForm Power, Inc, is a dividend growth-oriented company formed to own and operate contracted clean power generation assets acquired from SunEdison and unaffiliated third parties. The Company intends to acquire other clean power generation assets, including wind, natural gas, geothermal and hydro-electricity, as well as hybrid energy solutions that enables the Company to provide contracted power.

(c) 2014 Cihan News Agency. All right reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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