Northland Power price target lowered to C$29 from C$31 at CIBC

CIBC lowered the firm’s price target on Northland Power (NPIFF) to C$29 from C$31 and keeps an Outperformer rating on the shares. The stock has not performed well due to concerns in offshore wind, delays in larger projects reaching final investment decision, and uncertainty around the succession of management, the analyst tells investors. While investor concerns are understandable, the firm believes there is more value in the assets and growth pipeline versus what the market pricing is currently. The firm believes budgets/timelines for major projects are tracking well and sees no financing risk in the short term.