TerraForm Global’s (GLBL) “Hold” Rating Reaffirmed at JPMorgan Chase & Co.
TerraForm Global Inc. (NASDAQ:GLBL)‘s stock had its “hold” rating reissued by equities researchers at JPMorgan Chase & Co. in a note issued to investors on Wednesday. They currently have a $5.00 target price on the stock. JPMorgan Chase & Co.’s price objective would indicate a potential upside of 31.58% from the stock’s current price.
The analysts wrote, “GLBL issued an investor update presentation with 3Q operating metrics and guidance for FY16. Audited financials are still on the come. FY16 revenue and EBITDA guidance were slightly below our expectations, and net income was negatively impacted owing to a higher interest expense than we had expected. The 3Q cash balance was approximately in line with expectations. GLBL did not issue guidance for CAFD but maintains that it will be “substantially lower” than the forecast issued prior to the SUNE bankruptcy owing to factors such as loss of financial and operational support. Encouragingly, GLBL expects to become operationally independent from SUNE by January, with a standalone org structure, independent IT, and third-party asset management and O&M providers. GLBL is seeking consent from bondholders to extend a 12/2 deadline for the company to become current with its SEC filings. We are adjusting our model, factoring in a higher interest expense that weighs on our CAFD estimates. Our price target goes to $5, from $6.””
Separately, Goldman Sachs Group Inc. initiated coverage on shares of TerraForm Global in a research report on Thursday, August 25th. They issued a “neutral” rating and a $9.00 price target for the company. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $5.18.
TerraForm Global (NASDAQ:GLBL) remained flat at $3.80 during trading on Wednesday. 587,313 shares of the company’s stock traded hands. The stock’s market capitalization is $443.50 million. TerraForm Global has a 52 week low of $1.92 and a 52 week high of $5.95. The company has a 50-day moving average price of $3.85 and a 200 day moving average price of $3.47.
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Institutional investors have recently modified their holdings of the stock. Prudential Financial Inc. bought a new position in shares of TerraForm Global during the third quarter valued at $106,000. BlackRock Inc. boosted its position in shares of TerraForm Global by 33.1% in the third quarter. BlackRock Inc. now owns 33,033 shares of the company’s stock valued at $136,000 after buying an additional 8,210 shares during the period. SG Americas Securities LLC boosted its position in shares of TerraForm Global by 40.1% in the third quarter. SG Americas Securities LLC now owns 35,260 shares of the company’s stock valued at $145,000 after buying an additional 10,097 shares during the period. BlackRock Advisors LLC boosted its position in shares of TerraForm Global by 79.3% in the second quarter. BlackRock Advisors LLC now owns 36,111 shares of the company’s stock valued at $118,000 after buying an additional 15,973 shares during the period. Finally, Barclays PLC boosted its position in shares of TerraForm Global by 527.9% in the second quarter. Barclays PLC now owns 38,815 shares of the company’s stock valued at $126,000 after buying an additional 32,633 shares during the period. Institutional investors and hedge funds own 51.03% of the company’s stock.
About TerraForm Global
TerraForm Global, Inc is a holding company. The Company owns interest in TerraForm Global, LLC, a diversified renewable energy company that owns long-term contracted wind, solar and hydro-electric power plants. The Company’s portfolio of projects include Hercules (China), NSM 24 (India), NSM Suryalabh (India), NSM Sitara (India), NSM L’Volta (India), Brakes (India), Raj 5 (India), Focal (India), Bhakrani (India), Gadag (India), Hanumanhatti (India), Boshoff (South Africa), Klipheuwel (South Africa), Koonkoonsies (South Africa), Witkop (South Africa), Soutpan (South Africa), Silverstar Pavilion (Malaysia), Fortune 11 (Malaysia), PP Solar (Thailand), ESPRA (Brazil), El Naranjal (Uruguay), Del Litoral (Uruguay), Alto Cielo (Uruguay) and LAP Portfolio (Peru).
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