Algonquin Power price target lowered to $6 from $8 at TD Securities

TD Securities lowered the firm’s price target on Algonquin Power (AQN) to $6 from $8 and keeps a Hold rating on the shares. The analyst expects an exit of the company’s non-regulated renewable power segment and divestiture of its equity stake in Atlantica Sustainable Infrastructure (AY) would be earnings-dilutive. The firm says the stock’s valuation discount is warranted by its “compromised earnings base and constraints on attaining strong valuation parameters for its non-regulated business.”