BMO Capital analyst Ben Pham downgraded Algonquin Power (AQN) to Market Perform from Outperform with a price target of $6, up from $5. The firm continues to view positively Algonquin’s new CEO and its transition to a pure-play utility with improved balance sheet and transparency. However, the stock’s 36% rally year-to-date “more than reflects this positive outlook,” the analyst tells investors in a research note. The firm cites valuation for the downgrade.
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