CIBC raised the firm’s price target on Algonquin Power (AQN) to $6.25 from $5.75 and keeps a Neutral rating on the shares. The company’s update and new guidance “showed a more promising earnings outlook in 2027 and likely beyond,” so the firm wasn’t surprised to see a positive share price reaction, the analyst tells investors. However, there still remains execution risk around key rate cases essential to the higher EPS and the current valuation is on par with North American utility peers, “suggesting little margin of safety,” the analyst added.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AQN:
- Algonquin Power price target raised to $6.50 from $6 at Scotiabank
- Apple downgraded, Snowflake upgraded: Wall Street’s top analyst calls
- Algonquin Power price target raised to $6 from $5 at Raymond James
- Algonquin Power downgraded to Sector Perform from Outperform at National Bank
- Algonquin Power & Utilities Corp. Elects Board and Approves Key Resolutions at Annual Meeting