Morgan Stanley analyst Robert Kad maintained a Buy rating on Clearway Energy (CWEN – Research Report) today and set a price target of $39.00.
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Robert Kad has given his Buy rating due to a combination of factors that highlight Clearway Energy’s strong positioning within the renewable energy sector. Despite the short-term uncertainties surrounding potential legislative changes to the Inflation Reduction Act, Kad sees Clearway Energy as a top choice within the infrastructure coverage due to its strategic growth initiatives and robust management team.
Clearway Energy has effectively mitigated structural risks, positioning itself to benefit from increasing demand for clean energy driven by factors such as manufacturing onshoring, data center expansion, and electric vehicle adoption. The company’s ability to navigate these challenges, coupled with its all-weather, cash-generative business model, supports Kad’s optimistic outlook. Furthermore, the potential for higher power purchase agreement prices and the company’s strong sponsor support contribute to the expectation of a significant upside in stock valuation.
In another report released on March 24, Deutsche Bank also initiated coverage with a Buy rating on the stock with a $38.00 price target.