Energy
How Key Analyst Views SunEdison After the Delayed Filing
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SunEdison Inc. (NYSE: SUNE) has been absolutely battered and bruised in 2016, and looking back even farther the story gets worse. At this point the question is when will the bleeding stop? Despite this performance, one analyst is finally getting around to downgrading the stock but there still appears to be some subtle optimism.
For some background on the carnage: so far in 2016, SunEdison has been one of the worst performing stocks in the market, with shares down roughly 70%. In the past 52 weeks, this stock is down over 90%.
Oppenheimer downgraded SunEdison to a Market Perform rating and removed its $7.50 price target, following the company’s notification of late filing on Monday night. In this filing, the company stated that it expects to file its 10-K within 15 calendar days.
Additionally, SunEdison cited restructuring and other recent events as reasons for this delay. The company disclosed that its audit committee is investigating claims from a current and a former employee on the accuracy of the company’s anticipated financial position and whether its liquidity is sufficient to meet the company’s capital needs.
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