TransAlta downgraded to Neutral at CIBC on valuation after doubling

CIBC downgraded TransAlta (TAC) to Neutral from Outperformer with a price target of C$23, up from C$17. The downgrade is “not driven by a change in our investment thesis, perception of TA’s strategic direction or lack of appreciation for TA’s asset portfolio,” but is a valuation call after the stock price more than doubled in the last six months, the analyst tells investors.