UPDATE: Bank of America Initiates Hannon Armstrong at Neutral on Mixed Factors

In a report published Monday, Bank of America analyst Kenneth Bruce initiated coverage on Hannon Armstrong (NYSE: HASI) with a Neutral rating and $12.75 price target.

In the report, Bank of America noted, “We are initiating coverage on Hannon Armstrong (HASI) with a Neutral rating and establishing a $12.75 price objective. HASI is an interesting stock for investors to participate in a complex clean energy finance market that is evolving to meet the infrastructure demands of the U.S. economy. HASI is a leading lending and advisory firm operating in the complex clean energy finance sector. Its recent IPO positions it to transform to a vertically integrated lending platform with both portfolio and capital markets capabilities. We anticipate HASI will produce a generous +8% dividend yield from the current price point, though think capital appreciation is limited, thus the Neutral rating.”

Hannon Armstrong closed on Friday at $12.26.