Clearway Energy price target raised to $34 from $33 at CIBC

CIBC raised the firm’s price target on Clearway Energy (CWEN) to $34 from $33 and keeps an Outperformer rating on the shares. The firm has modified estimates for the Midstreamers under coverage to reflect warmer-than-expected weather and lower marketing margins. The start-up of the Trans Mountain Expansion Pipeline has been reducing spot volumes on other systems. Power price and generation trends were softer in Q3, leading CIBC to trim estimates for many names. That said, the firm expects a positive narrative on power sector tailwinds and benefits of lower rates. For the regulated utilities, CIBC doesn’t foresee any material announcements/updates and generally expects firms to meet or exceed current estimates.