0351 GMT - Citicore Renewable Energy looks well-placed to drive the Philippines' energy transition to renewable sources via its pure-play domestic strategy, Maybank Securities' Germaine Guinto says in a research report. The government is targeting 35% renewable-energy share of power generation by 2030, with Citicore Renewable Energy expected to contribute at least 15%, the analyst notes. The Philippine renewable energy company currently has 285 megawatts of gross installed capacity, says the brokerage, which expects it to achieve 4 gigawatts of operational capacity by 2028. Maybank Securities initiates coverage of the stock with a buy rating and a target price of PHP4.50. Shares are 2.0% lower at PHP3.42. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 19, 2025 22:51 ET (03:51 GMT)
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