BMO Capital Markets on Friday maintained its outperform rating on the shares of Innergex Renewable Energy (INE.TO) while raising its price target to C$12.00 from C$11.50 following the company fourth-quarter results.
"The Q4/24 earnings report highlighted that INE has quietly assembled a large and growing sequence of organic growth projects that extends well into the early part of the next decade. However, judging by recent share price pressure and discounted valuation (~10x forward EBITDA), the market has hardly noticed. As such, we believe the 11% rally was warranted for the day and expect more outsized moves on further growth catalysts and/or capital recycling initiatives especially INE's long-life prem. hydros. Maintain Outperform rating; target price rises to $12 vs. $11.50," analyst Ben Pham wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 8.88, Change: +0.36, Percent Change: +4.23
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