Brookfield Renewable Partners initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Robert Kad initiated coverage of Brookfield Renewable (BEPC) Partners (BEP) with an Overweight rating and $32 price target. The firm, which is initiating coverage of the two Brookfield-backed infrastructure partnerships, notes that both partnerships aim to growth FFO per unit at 10% and distributions at 5%-9% per annum, with a total return objective of 12%-15%. Brookfield Corp. (BN) owns 26% of Brookfield Infrastructure (BIPC) Partners (BIP) and 46% of Brookfield Renewable and Brookfield’s ownership and support of these publicly listed vehicles enable them both to invest with brand and scale, the analyst tells investors.