Raymond James analyst David Quezada raised his ARR rating Globe says Altius Renewable elevated to "strong buy"
2021-10-04 08:53 ET - In the News
The Globe and Mail reports in its Saturday, Oct. 2, edition that Raymond James analyst David Quezada raised his rating for Altius Renewable Royalties to "strong buy" from "outperform," saying it is "trouncing expectations on capital deployment." The Globe's David Leeder writes that Mr. Quezada believes Altius's "relatively steep" discount versus its peers will not persist. He continues to target the shares at $13.75. Analysts on average target the shares at $13.58. Mr. Quezada says in a note: "In light of the brisk pace of capital deployment, we now have increased conviction that Altius will successfully deploy the capital it has raised and build a highly diversified portfolio of high-return royalty investments. While no direct royalty comps exist targeting the renewable market, we argue that the stock should trade at least in line with resource-based royalty peers given the relatively stable underlying asset base. As such, we believe Altius's valuation, currently sitting at just under one times P/NAV by our estimates, will steadily approach, and potentially exceed, royalty streaming peers at an average of 1.4 times." The Globe reported on April 28 that Mr. Quezada rated Altius "outperform" when it was worth $10.77.