Wolfe downgrades Enlight Renewable to Peer Perform on valuation

Wolfe Research analyst Steve Fleishman downgraded Enlight Renewable (ENLT) to Peer Perform from Outperform without a price target The stock appears to be fairly reflecting the company’s EBITDA growth, the analyst tells investors in a research note. The firm says the stock trades about in line to the value of Enlight’s Mature project book, when adjusting for its new approach of including tax credits in EBITDA. As such, Wolfe sees limited upside in the stock with fair value around $19.