Janney starts Algonquin Power at Neutral, sees positives reflected in price

As previously reported, Janney Montgomery Scott initiated coverage of Algonquin Power with a Neutral rating and $6 fair value estimate. The company offers regulated services in North America, Chile, and Bermuda and also provides renewable activities, all of which the company recently signed an agreement to sell excluding the hydroelectric assets, the analyst tells investors. While the firm likes Algonquin’s regulated portfolio for its diversification and exposure to water and wastewater and believes the “back to basics” strategy and recent announcements are positive developments, it sees this as largely reflected in the current share price, the analyst tells investors.