Ameresco price target lowered to $62 from $63 at B. Riley

B. Riley analyst Christopher Souther lowered the firm’s price target on Ameresco to $62 from $63 and keeps a Buy rating on the shares. The solar and storage group has underperformed the major averages in 2023 given uncertainty in the U.S. residential market, the analyst tells investors in a research note. The firm says Ameresco needs to convert backlog “strongly” in Q2 for confidence to emerge in its 2023 guidance.