Axiom analyst Gordon Johnson upgraded SunEdison to Hold citing the stock's 32% downside since his November 2015 downgrade to Sell. The analyst, however, keeps a $2 price target for the shares, which implies 40% downside from current levels. Yesterday's refinancing of debt, at shorter-term maturities and significantly higher borrowing costs, "in no way serves the interest of existing shareholders," Johnson tells investors in a research note. He calls the deal "inexplicably bad." The developer and seller of photovoltaic energy solutions closed yesterday down $2.18 to $3.33.