Piper Sandler lowered the firm’s price target on TPI Composites to $3 from $7 and keeps a Neutral rating on the shares. The analyst says equity prices within the utility-scale renewable sector have declined by 6%-25% since the largest renewable utility/developer reduced distribution targets for its YieldCo due to higher rates. While the utility/developer reiterated development plans, the market appears concerned about implications of higher rates toward industry growth, the analyst tells investors in a research note. Piper sees less 2024 risk given long project cycle times and constructive EIA project data. The stocks already imply muted longer-term growth rates, says the firm, which likes the earnings setup.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on TPIC:
- TPI Composites downgraded to Market Perform from Outperform at Raymond James
- TPI Composites and University of Tennessee Knoxville Advance the Creation of Glass Fiber Yarns from Recycled Wind Turbine Blades
- TPI Composites price target lowered to $7 from $16 at Morgan Stanley
- TPI Composites Manufactures Structural Composites for the Development of the International® SuperTruck II
- TPI Composites price target lowered to $7 from $9 at Piper Sandler