UBS upgraded Brookfield Renewable Partners to Buy from Neutral with a price target of $31, up from $24. The shares offer a still attractive yield, limited policy risk with its earnings supported by a base of stable contracted renewable assets, and potential for near-term outperformance following the Federal Reserve rate cuts, the analyst tells investors in a research note. The firm sees Brookfield Renewable as well positioned to serve growing demand for carbon free electricity from the large tech companies and other corporates through its 65GW global advanced stage development pipeline of wind, solar, and battery storage projects.
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