RE:Anything upward anymore?
Globe says Exro Technologies kept at "sector perform"
2024-01-10 08:14 ET - In the News
The Globe and Mail reports in its Wednesday, Jan. 10, edition that National Bank Financial analyst Rupert Merer is expecting lower interest rates and thinks this year is "shaping up to be much better" for sustainable energy and clean technology stocks following a "volatile" 2023. The Globe's David Leeder writes that Mr. Merer points to "recession-resistant characteristics and visibility on growth initiatives across the sector." Mr. Merer has reaffirmed his "sector perform" call for Exro Technologies. He shaved his share target by 25 cents to $2. Analysts on average target the shares at $2.25. Mr. Merer says in a note: "Not surprisingly, lower rates could be most relevant this year, as much of our coverage universe are yield-sensitive infrastructure stocks with significant leverage. So far, the stocks have not rebounded as we might have expected on lower yields. We also see renewed confidence in growth for the sector, as last year's challenges give way to visibility on growth for most infrastructure stocks and the earlier stage EV, H2 and materials stocks in our coverage. We also forecast more asset recycling, industry consolidation and government support for energy transition stocks."
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