In a report released yesterday, Robert Kad from Morgan Stanley maintained a Buy rating on Clearway Energy (CWEN – Research Report), with a price target of $38.00.
Robert Kad has given his Buy rating due to a combination of factors that highlight Clearway Energy’s financial performance and potential for growth. The company’s cash available for distribution significantly exceeded expectations, showcasing a robust financial position that supports future investments and shareholder returns. Additionally, while the total megawatt-hours generated and sold were slightly below projections, the overall impact on the company’s financial health was minimal, indicating operational stability.
Furthermore, Clearway Energy’s conventional equivalent availability factor remained strong, reflecting the reliability and efficiency of its energy production assets. Despite a modest shortfall in adjusted EBITDA compared to consensus estimates, the overall financial results suggest that Clearway Energy is well-positioned to capitalize on future opportunities in the renewable energy sector. These factors collectively contribute to Robert Kad’s positive outlook and Buy rating for the stock.
According to TipRanks, Kad is a 4-star analyst with an average return of 12.0% and a 64.93% success rate. Kad covers the Energy sector, focusing on stocks such as MPLX, Antero Midstream, and Enterprise Products Partners.
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