Brookfield Renewable price target lowered to $28 from $32 at Scotiabank

Scotiabank lowered the firm’s price target on Brookfield Renewable Partners (BEP) to $28 from $32 and keeps an Outperform rating on the shares as part of a Q4 preview for the utilities and energy infrastructure group. The firm is calling for some “sizable misses” in the power space, saying pricing and generation is expected to be weak in a variety of geographies. Scotiabank prefers the gas-levered pipeline and midstream names, followed by the renewables, and then the utility group. Tariffs could be a headwind for the mid-streamers and a tailwind for the utilities, the analyst tells investors in a research note.