Azure Power Global Received its Third Buy in a Row

By Carrie Williams

After Credit Suisse and Roth Capital assigned a Buy rating to Azure Power Global in the last month, the company received another Buy, this time from Barclays. Analyst Jon Windham reiterated a Buy rating on Azure Power Global (NYSE: AZRE) today and set a price target of $23. The company’s shares opened today at $17.40.

Windham noted:

“We initiate on Azure Power (AZRE) with an OW rating and $23 price target, supported by strong growth prospects for AZRE’s internally developed solar projects, coupled with favorable policy support driving rapid y/y increases in new India solar installations. While we note that AZRE is a high risk/high reward investment, we expect management will meet its stated growth target of 5.0GW operational on or before CYE2020 based on a track record of prior execution.”

According to TipRanks.com, Windham is ranked 0 out of 5 stars with an average return of -15.3% and a 33.3% success rate. Windham covers the Industrial Goods sector, focusing on stocks such as Waste Connections Inc., Republic Services, and Waste Management.

Azure Power Global has an analyst consensus of Strong Buy.

The company has a one year high of $18.55 and a one year low of $12.73. Currently, Azure Power Global has an average volume of 165K.

Azure Power Global Ltd. is a holding company, which engages in the production of solar power on a long-term fixed price contracts. The firm also develops micro-grid applications for fragmented and underserved electricity market in India. Its projects include Punjab 1, Punjab 2, and Rajasthan 3. The company was founded by Harkanwal Singh Wadhwa and Inderpreet Singh Wadhwa on January 1, 2015 and is headquartered in New Delhi, India.