Algonquin Power Target Price Lowered to US$7 at CIBC

MT Newswires Live07-02

CIBC Capital Markets lowered its price target on Algonquin Power & Utilities Corp. (AQN.TO, AQN) to US$7 from US$7.50.

Analyst Mark Jarvis maintained a Neutral rating rating on shares of the Canadian renewable energy and regulated utility.

"We believe that Algonquin will soon carry out the sale of its power assets (excluding hydro/thermal power assets) as the company looks to improve its balance sheet and focus its business on regulated utility assets," Jarvis said in a note to clients.

"The announced sale of its stake in Atlantic Sustainable Infrastructure (AY) is a positive (albeit slightly dilutive) step to cleaning up AQN's story," the analyst said.

Jarvis said a power business sale "should get AQN onside with credit metric targets but is likely modestly dilutive (drives a higher payout ratio of 90%-100%)."

"While a solid headline number... on an asset sale might be viewed as a modest positive, the pro forma outlook is not compelling."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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