Sunedison Inc (SUNE) Stock Continues to Soar in Pre-market After Tentative Solar Deal Reached in Congress

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Back in July, Sunedison Inc (NYSE:SUNE) stock began its 4+ month fall from nearly $33.50 per share to a depressing $5.65 per share. Recently, however, Sunedison Inc (NYSE:SUNE), like the majority of other solar power stocks, is on the rebound. That is thanks to a tax exemption which is slated to come to an end, but with signs pointing to a longterm extension.

This week Congress reached a tentative deal to extend the 30% tax credit for individuals and businesses using solar power. This news has sent the stock skyrocketing, for good reason. In pre-market trading this morning, shares of Sunedison Inc (NYSE:SUNE) are up nearly 5% to $6.50 each.

Founded in 1959, the company is a leader in renewable energy, depending heavily on their operation of solar power plants to bring in revenue of close to $3 billion a year. It should be interesting to follow this stock as trading takes place later today.

The stock increased 25.25% or $1.25 during the last trading session, hitting $6.2. About 352,775 shares traded hands. SUNE has declined 78.36% since May 14, 2015 and is downtrending. It has underperformed the S&P500 by 75.74%.

From a total of 14 analysts covering SunEdison Inc (NYSE:SUNE) stock, 9 rate it a “Buy”, 2 a “Sell”, and 3 a “Hold”. This means that 64% of the ratings are positive. The highest target price is $42 while the lowest target price is $6.0. The mean of all analyst targets is $19.23 which is 210.16% above today’s ($6.2) stock price. SunEdison Inc was the topic of 40 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Bank of America maintained shares on December 10 with a “Buy” rating. JP Morgan maintained shares with a”Overweight” rating and a $19 target share price in their report from a September 29. JP Morgan downgraded SUNE stock in a recent report from November 20 to a “Neutral” rating. S&P Research maintained the rating on September 9. S&P Research has a “Strong Buy” rating and a $32 price target on shares. Finally, Needham maintained the stock with a “Buy” rating in a report they issued on a November 11.

SunEdison, Inc. is a developer and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets, and a developer and maker of silicon wafers. The company has a market cap of $1.57 billion. The Firm operates in three divisions: Solar Energy, TerraForm Power and Semiconductor Materials through SunEdison Semiconductor Ltd. (SSL). It currently has negative earnings. The Company’s Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, activities and maintenance portions of the downstream solar market for the Company’s customers.

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