As previously reported, Axiom analyst Gordon Johnson II contends that SunEdison (SUNE) shares are not down about 40% in the two sessions following its earnings due to results, but because investors no longer believe management's forward guidance after they have repeatedly failed to execute on promises. The analyst thinks that unless SunEdison can find new cheaper sources of funding and/or sell projects at the high-teens margins it claims, it seems likely that its fundamentals are set to worsen, prompting him to downgrade the stock to Sell from Neutral and set a $2 price target on share. Johnson II acknowledges that SunEdison shares could see material upside if TerraForm Power's (TERP) shares rebound, but he also sees a great deal of risk facing SunEdison and believes a number of funds have yet to exit their positions.