Breaking Finance News

TRADE ALERT- Buy SunEdison After Yesterday’s Overreaction (SUNE)

According to Lazard Capital, the selloff in SunEdison (NYSE: SUNE) Wednesday was an overreaction and a strong buying opportunity. It believes that the company will maintain profitability on its pipeline and maintains a “Buy” rating on the stock. The stock is up nearly 9 percent in early trading.

Yesterday, SunEdison shed 24 percent of its market cap. after reporting disappointing earnings.

The stock is up more than 100 percent this year and prior to yesterday’s plunge, was well above its 50 day moving average since the beginning of April. Shares closed yesterday below a key support level of $7.52 but investors are bidding the stock up on Thursday.

[stock-tools exchange="NYSE" symbol="SUNE" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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