AES Corp. price target lowered to $18 from $28 at Argus

Argus analyst Kristina Ruggeri lowered the firm’s price target on AES Corp. (AES) to $18 from $28 and keeps a Buy rating on the shares. The company is positioning itself as a leader in new energy technologies, including green hydrogen, and should benefit from the global transition to more sustainable, environmentally friendly power generation, and Argus thinks AES warrants a higher valuation given secular trends in renewable energy and high demand from data centers, the analyst tells investors in a research note. The price target reduction reflects election-related volatility, the firm says.