Canopy Growth stock tumbles after announcing $200 million share sale plan
Investing.com - Jefferies raised its price target on HA Sustainable Infrastructure Capital (NYSE:HASI) to $34.00 from $33.00 on Thursday, while maintaining a Buy rating on the stock. The new target represents significant upside from the current price of $26.04, with InvestingPro analysis suggesting the stock is currently undervalued.
The research firm noted that despite the Infrastructure Reduction Act (IRA) dust having settled, HASI shares continue to trade below pre-election levels of $35 per share.
Jefferies estimates that HASI’s existing portfolio alone drives approximately $30 per share in value, suggesting potential upside from current levels.
The firm expects an "uneventful" second quarter for the company, which it views as positive in the current turbulent market environment.
Jefferies also highlighted management’s reiteration of 2027 targets and pipeline resiliency as factors supporting the long-term value proposition for the sustainable infrastructure investment company.
In other recent news, HA Sustainable Infrastructure Capital, Inc. reported significant financial activities involving its senior notes. The company announced the completion of a $700 million tender offer through its subsidiaries, HAT Holdings I LLC and HAT Holdings II LLC, for portions of their outstanding senior notes, which have now been canceled. Additionally, HA Sustainable Infrastructure Capital has entered into an agreement to issue $1 billion in green senior unsecured notes, divided into $600 million due in 2031 and $400 million due in 2035. The proceeds from this issuance will be used to fund previous cash tender offers and temporarily repay outstanding borrowings.
Furthermore, the company has priced the $1 billion in green notes, estimating net proceeds of approximately $987.3 million after expenses. In a strategic move, HA Sustainable Infrastructure Capital appointed Nitya Gopalakrishnan as Executive Vice President and Chief Operating Officer, bringing her extensive experience from BlackRock (NYSE:BLK) to lead the company’s technology and operational strategies. The company also initiated a $500 million tender offer for outstanding notes, prioritizing its 3.375% Senior Notes due 2026. These developments reflect HA Sustainable Infrastructure Capital’s ongoing efforts to manage its financial obligations and support its growth strategy.
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