Brookfield Renewable Partners, the Utilities sector company, was revisited by a Wall Street analyst on August 1. Analyst Robert Kad from Morgan Stanley maintained a Buy rating on the stock and has a $35.00 price target.
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Robert Kad has given his Buy rating due to a combination of factors that highlight Brookfield Renewable Partners’ strong performance and potential for growth. The company’s Hydroelectric segment showed significant year-over-year improvement, primarily driven by the US and Colombian operations benefiting from favorable hydrology conditions. Additionally, the Distributed Energy and Sustainable Solutions segments experienced growth, supported by the global expansion of Westinghouse.
Despite the Wind and Solar segments remaining flat year-over-year, the newly commissioned capacity and strategic investments, such as the acquisition of National Grid’s renewables business in the US, position the company well for future growth. Furthermore, the company’s adjusted EBITDA exceeded expectations, indicating robust financial health. These factors combined suggest a positive outlook for Brookfield Renewable Partners, justifying the Buy rating.
In another report released on July 24, RBC Capital also maintained a Buy rating on the stock with a $31.00 price target.