Scotiabank downgraded TransAlta (TAC) to Sector Perform from Outperform with a price target of C$21, up from C$19. The shares have doubled over the past year and TransAlta is the top performing name in Scotiabank’s utlities and energy infrastructure coverage universe, the analyst tells investors in a research note. The firm believes the shares now reflect the value of the base business plus some upside related to adding contracts and customers at Centralia and Alberta. In addition, TransAlta’s Q4 and 2025 could be challenging for its Alberta assets given the oversupplied market, contends Scotiabank.
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Read More on TAC:
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- TransAlta price target raised to C$20 from C$16 at National Bank
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