Morgan Stanley says buy this real estate name focused on sustainability after sell-off

This renewable energy firm with 32% upside has demonstrated its ability to thrive in a higher-rate environment, according to Morgan Stanley.

Hannon Armstrong 's improving fundamentals should lead to a turnaround for the stock, according to Morgan Stanley. The investment bank upgraded the stock to overweight from equal weight and reiterated its $23 per share price target. That forecast points to more than 32% upside from Monday's close. Structured as a real estate investment trust, Hannon Armstrong provides renewable energy projects with debt and equity capital. Shares are down roughly 40% this year.

mountain chart The analysts believe the selloff cannot be justified when given the company's strategic business decisions, along with its balance sheet flexibility and move toward an equity self-funding model. "At current levels, we estimate that the stock currently prices in no future dividend growth assuming an approximately 12% discount rate, an overly punitive assessment of HASI's forward outlook," the note said.

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