Undervalued Climate Infrastructure Specialist With Robust Origination Pipeline and Income Appeal Supports Overweight Rating on HASI

Analyst Robert Kad from Morgan Stanley maintained a Buy rating on HASI and keeping the price target at $47.00.

Robert Kad has given his Buy rating due to a combination of factors that highlight both near-term momentum and longer-term value in HASI’s shares. He sees the stock as undervalued versus its underlying fundamentals, particularly after the company delivered record quarterly adjusted EPS, significantly outpacing expectations, and executed a large volume of new transactions. Management’s ability to originate over $3 billion of investments in 2025, supported by a visible pipeline exceeding $6 billion, underpins his confidence that HASI can sustain annual originations in the $2.0–2.5 billion range with modest, steady growth. He also believes that recent concerns tied to changes in federal clean energy policy have led to overly negative market sentiment, which does not fully reflect the company’s earnings power and growth opportunities.

In addition, Kad points to HASI’s role as a specialist in climate-focused infrastructure with diversified assets and capital structures that provide stable, long-duration cash flows, making the stock an appealing income-oriented holding. The firm’s participation in large-scale projects such as the SunZia Wind investment demonstrates its capability to handle sizable, complex transactions and positions it for incremental opportunities with key counterparties. He expects that continued execution on new originations and further enhancement of portfolio yields will gradually restore investor confidence and support share price appreciation. Reflecting these factors, his Overweight (Buy) rating is reinforced by a one-year price target that implies substantial total-return potential, including an attractive dividend component.

Kad covers the Energy sector, focusing on stocks such as Enterprise Products Partners, Energy Transfer, and Kinder Morgan. According to TipRanks, Kad has an average return of 8.3% and a 61.93% success rate on recommended stocks.

In another report released on December 16, Oppenheimer also maintained a Buy rating on the stock with a $50.00 price target.