* Mr. Pham also cut his Northland Power Inc. (
) target to $30, below the $31.92 average, from $31 with an “outperform” rating.
“NPI shares have performed better of late due to lower interest rates, derisking of its offshore wind growth roster, and an improved balance sheet position,” he said. “However, valuation still remains attractive and NPI management is capitalizing on its core strength in constructing renewable power projects. We still see a significant opportunity for share price and valuation upside as NPI continues to execute on growth and
improve visibility of the FCF inflection.”