Enlight Renewable initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Enlight Renewable with an Overweight rating and $23 price target. The company develops, owns, and operates wind, solar, and storage projects with a historical focus on Europe and an increasing focus on the U.S., the analyst tells investors in a research note. Enlight has equity funding in place for its pipeline into fiscal 2025, providing "strong visibility" into above-average growth and an increasingly diversified portfolio that will result in the stock multiple increasing to closer proximity to peers, contends the firm. It believes the stock should appeal to alternative energy, ESG, and long-term growth investors.