CIBC lowered the firm’s price target on Algonquin Power to $5.75 from $6 and keeps a Neutral rating on the shares. While the rise in interest rates were disruptive for a number of utilities, most notably Algonquin, the benefits are “muted” when it comes to expected central bank cuts and declining interest rates, the analyst tells investors in a research note. The firm believes Algonquin will see some modest benefits, but says other factors are likely more impactful.
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