Macquarie Group initiated TerraForm Power coverage Thursday with an outperform rating and a 37 price target, as the spinoff adds more solar projects to its portfolio. At least four other investment banks — Citigroup, FBR Capital, Goldman Sachs and JPMorgan — have initiated coverage since the 25-day quiet period on underwriter analysis ended last month. Beltsville, Md.-based TerraForm Power (TERP), a subsidiary spun off from St. Peters, Mo.-based
The IPO market ended with a bang Friday, with all six new issues rising. The largest initial public offering this week belonged to TerraForm Power (TERP), a spinoff of SunEdison (SUNE), that owns solar power generation assets. It raised $502 million by offering 20.1 million shares at 25, the high end of an upwardly revised range of 23 to 25. Shares closed at 33.09, up 32% in the stock market today. TerraForm was the seventh IPO from the
Eleven companies plan to make their IPO debuts this week, following the traditionally slow first two weeks of July. The largest initial public offering planned is TerraForm Power (TERP), an owner and operator of solar energy power plants. It’s a SunEdison (SUNE) spinoff. TERP is slated to begin trading Friday. TerraForm Power plans to raise $401 million by offering 20.1 million shares at 19 to 21. Its peers include NRG Yield (NYLD), which is up