October 23, 2017 / 1:30 PM / 2 years ago

BUZZ-TerraForm Power: Believe investors will return to TERP - Baird

** Baird optimistic on solar power company’s stock, upgrades to “outperform” and raises PT by $6 to $19

** Shares up 3.3 pct at $13.99 in pre-market trading, set for best day since IPO in 2014

** TERP is a “yieldco” of bankrupt U.S. solar company SunEdison Inc and Brookfield Asset Management , which in March took 51 pct stake in TERP replacing SunEdison as TERP’s sponsor

** Brokerage says Brookfield’s sponsorship could provide an “engine” to restore growth and says Brookfield’s track record with other investments is a positive for TERP

** “We believe Brookfield will provide quality wind and solar assets to TERP over the longterm,” - Baird analysts

** Baird expects investors to return to TERP “as management shows it can grow distributions through increased operating efficiency, lower financing costs, and through acquiring assets”

** Up to Friday’s close, stock had risen ~27 pct this year (Reporting by Anirban Paul in Bengaluru; Editing by Bernard Orr)

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