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Fly News Breaks for November 18, 2015
VSLR, SUNE
Nov 18, 2015 | 07:00 EDT
After hosting investor meetings with management, Deutsche Bank analyst Vishal Shah says he continues to believe liquidity concerns regarding SunEdison (SUNE) are overdone. The company does not need to raise more equity for its warehouses, it just needs to raise project debt against the JPMorgan warehouse, Shah tells investors in a research note. SunEdison has roughly $1.35B of cash with about $700M of that held in project companies earmarked for working capital purposes, the analyst points out. He expects the acquisition of Vivint Solar (VSLR) to close by late 2015 or early 2016 and attributes the delayed closing to continued negotiations. One of the potential options is to sell the Vivint operating assets to a third party, Shah points out. He believes execution on pending transactions along with refinancing of margin loan could act as positive catalyst for SunEdison shares. Shah keeps a Buy rating on the name with a $16 price target. The stock closed yesterday down $1.54 to $3.02.
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