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Fly News Breaks for November 25, 2015
TERP, SUNE
Nov 25, 2015 | 06:47 EDT
UBS analyst Julien Dumoulin-Smith downgraded SunEdison (SUNE) to Sell after senior management replacements and board resignations at TerraForm Power (TERP). The entire SunEdison, TerraForm complex is now at risk, Dumoulin-Smith tells investors in a research note. The analyst remains "perplexed" by SunEdison's decision to pull a one-year term loan from Goldman Sachs at a 15% rate in August to fund itself. He sees downside risk to guidance and margins and cut his price target for shares to $2 from $3. SunEdison closed yesterday up $1.12 to $4.12.
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