AES Corp. initiated with a Buy at HSBC

HSBC analyst Lilyanna Yang initiated coverage of AES Corp. (AES) with a Buy rating and $17 price target The firm sees the recent stock price pullback amid the company’s more conservative guidance for 2024 combined with fears of tax incentive pushbacks with a more challenging backdrop for U.S. renewables as an opportunity to buy the shares. Demand for renewables from big corporates for their decarbonization strategies should sustain robust earnings growth for AES, the analyst tells investors in a research note.