Analyst Robert Kad of Morgan Stanley reiterated a Buy rating on Brookfield Renewable Partners, boosting the price target to $38.00.
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Robert Kad has given his Buy rating due to a combination of factors that highlight Brookfield Renewable Partners’ strategic positioning in the renewable energy sector. One significant factor is BEP’s 10.8% equity interest in Westinghouse, a major player in the nuclear services industry. This stake is becoming increasingly valuable as nuclear power generation gains traction globally, providing BEP with a meaningful driver of incremental unitholder value.
Additionally, the recent partnership with the US government to construct eight Westinghouse AP1000 nuclear reactors presents a substantial growth opportunity. This project is expected to significantly boost BEP’s earnings over the next decade, with each reactor contributing considerable EBITDA. Furthermore, Robert Kad’s analysis indicates a fair value estimate of $38 per share, suggesting a potential upside of 36.8% over the next year, reinforcing the Buy recommendation.
In another report released on November 6, TD Cowen also maintained a Buy rating on the stock with a $35.00 price target.