Analysts Downgrade of the Day: TerraForm Power Inc (TERP)

TerraForm Power Inc (NASDAQ:TERP) received a stock rating downgrade from             JP Morgan on Mar-30-16. In a note to investors, the firm issued a Neutral rating. The analysts previously had an Overweight rating on the stock.

Analysts have a consensus target price of $17.78 in the 12-month period. The price objective is 112.17% higher than the recent closing price of $8.38. The 52-week price range is $6.41-$39.66 and the company has a market capitalization of $1.18 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 5 has assigned a hold rating, 0 says it’s a buy, and 4 have assigned a strong buy rating to the company.

TerraForm Power Inc (TERP) on March 30, 2016 announced that Brian Wuebbels has resigned as president and chief executive officer and as a member of the Company’s board of directors.

The board has formed an office of the chairman to lead TerraForm Power on an interim basis.  The office of the chairman will be led by Peter Blackmore, an independent director and chairman of the Company.  Independent directors Christopher Compton, Hanif Dahya and Jack Jenkins-Stark will also join the office of the chairman.  The office of the chairman will report to the board and its committees in a substantially similar manner as a chief executive officer.  All other key executives of the Company will remain in their roles, including Rebecca Cranna, executive vice president and chief financial officer, and Sebastian Deschler, general counsel, senior vice president and secretary.

“I look forward to working with my fellow independent directors and the management team as we continue to focus on maintaining the financial and operational strength of TerraForm Power,” said Mr. Blackmore.

Mr. Blackmore continued, “The board strongly believes that the office of the chairman is well-equipped to oversee the operations of TerraForm Power.  All of the independent directors of the Company will continue to work with me in actively providing direction and oversight to management.  In addition, the Company’s directors are mindful of their fiduciary duties and are committed to acting in the best interests of the Company and all of its shareholders.”

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