AES Corp. reinstated with an Underperform at BofA

BofA reinstated coverage of AES Corp. (AES) with an Underperform rating and $11 price target AES is undergoing a major transformation and aiming to nearly triple its renewable energy capacity by 2027 while phasing out coal and gas plants, the analyst noted. The transition period is likely to remain choppy and funding growth could pressure the balance sheet, the analyst tells investors.