Brookfield Renewable Partners (BEP – Research Report), the Utilities sector company, was revisited by a Wall Street analyst today. Analyst Elizabelle Pang from DBS reiterated a Buy rating on the stock and has a $33.00 price target.
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Elizabelle Pang’s rating is based on the strong growth potential and financial stability of Brookfield Renewable Partners. Despite a slight miss in the recent quarterly financial results, the company has reiterated its growth target of 10% for funds from operations per unit, driven by a robust development pipeline that is expected to increase capacity by 7 gigawatts in 2024. This expansion alone is projected to generate an additional USD 90 million in annual funds from operations.
Furthermore, Brookfield Renewable Partners is well-positioned to capitalize on favorable market trends, such as rising demand from data centers and potential mergers and acquisitions. The firm’s substantial capital reserves and strategic asset recycling activities support its investment strategy without the need for additional equity issuance. With a diversified portfolio valued at USD 69 billion and a proven track record of delivering high dividend yields, Brookfield is considered a leading player in the renewable energy sector, making it a favorable long-term investment despite potential risks such as rising interest rates.
In another report released yesterday, Raymond James also reiterated a Buy rating on the stock with a $33.00 price target.