1127 ET - While Algonquin Power transitions to a fully regulated utilities company, there will likely be some hiccups along the way. Theo Genzebu of Raymond James says recent steps taken to transition to a pure play regulated utility should prompt an upgrade in the stock's valuation, but "we acknowledge that the challenges ahead of the company are significant and will take time." He notes 3Q came in a little light relative to forecasts, largely due to higher financing costs and depreciation expense. Genzebu says that 2025 will be hit by certain regulatory calendar delays, but that the company intends to curtail capex to maintenance/safety spending to counteract. Still "we do continue to believe Algonquin maintains a viable pathway through these obstacles." (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
November 11, 2024 11:27 ET (16:27 GMT)
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