RSOL-Cowen and Company is boosting its price target on Real Goods Solar (Nasdaq: RSOL) from $3.50 up to $5, while maintaining an Outperform rating on the stock.
Analyst Robert Stone noted Real Good Solar's recent announcement to co-develop seven solar projects totaling 4.5MW in Vermont with Green Lantern Capital. Construction is slated to begin in summer with completion expected by November. On January 3, 2014, RSOL announced plans for four projects in Massachusetts totaling 3.5MW. Construction is set to begin in March and be completed in June 2014. These two announcements equate to 40% of the 20.1MW of commercial projects we project for 2014.
Real Good Solar's joint venture with Altus Power America Management should provide up to $150 million of commercial funding for the projects.
While Stone's FY14 outlook is unchanged, the analyst lowered Q413 and Q114 loss expectations to 6 cent per share each with sales of $33 million and $27 million, respectively.
For an analyst ratings summary and ratings history on Real Goods Solar click here. For more ratings news on Real Goods Solar click here.
Real Goods Solar closed at $3.77 last Friday, with a 52 week range of $0.82 to $7.17.
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