Algonquin Power price target lowered to $7 from $8 at RBC Capital

RBC Capital analyst Nelson Ng lowered the firm’s price target on Algonquin Power to $7 from $8 and keeps a Sector Perform rating on the shares. While RBC sees upside in the shares with respect to valuation, the firm expects the shares to be range- bound while the market debates the value that the Renewables division can attract in a high interest rate environment, the analyst tells investors in a research note.