RBC Capital analyst Nelson Ng lowered the firm’s price target on Algonquin Power to $8 from $12 and keeps a Sector Perform rating on the shares. FERC’s denial of the Kentucky Power acquisition provides the company with some optionality which could work out in shareholders’ favor, though his price target also reflects a more conservative view on valuation given the uncertainties heading into 2023, the analyst tells investors in a research note.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on AQN:
- American Electric downgraded at BofA after Kentucky Power sale rejected
- Algonquin deal for Kentucky Power likely delayed, says RBC Capital
- American Electric falls after FERC denies sale of Kentucky Transmission
- 3 Alternative Energy Stocks That Could Power Higher in 2023
- Algonquin Power downgraded to Hold at TD on deteriorating growth