Jefferies upgraded Ameresco (AMRC) to Buy from Hold with a price target of $39, up from $19. The firm believes the company is now past execution risks and Inflation Reduction Act uncertainty. Ameresco’s EBITDA growth shoudl rebound and while the stock has recovered since the lows of April, there is potential for additional upside, the analyst tells investors in a research note. Jefferies expects data center announcements and a “revival” in the Projects business to be catalysts for the stock. This is just the beginning of Ameresco’s “growth era,” the firm contends.
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