BofA raised the firm’s price target on HASI to $31 from $27 and keeps a Buy rating on the shares. Following management’s announcement of 8%-10% annual EPS growth guidance for FY24-FY26, the firm updated its FY24, FY25 and FY26 distributable EPS estimates to imply an 8.7% compound annual growth rate through FY26. The firm still expects some degree of equity/equity-like issuance in FY24 to fund incremental investments, but sees leading-edge yields as more than offsetting dilution, the analyst tells investors.
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