Globe says AltaGas seen focusing on its core utilities ! Just out in The Globe and Mail
2021-04-27 09:05 ET - In the News
Shares issued 279,533,433
ALA Close 2021-04-26 C$ 22.10
The Globe and Mail reports in its Tuesday edition that IA Capital Markets analyst Elias Foscolos believes AltaGas's ($22.10) $275-million (U.S.) sale of its U.S. transportation and storage business "further simplifies" its operations, "allowing the company to focus on its core utilities and midstream businesses while continuing to deleverage." The Globe's David Leeder writes in the Eye On Equities column that Mr. Foscolos has reiterated his "buy" recommendation for AltaGas. Mr. Foscolos increased his share target to $25.50 from $24.50, exceeding the current consensus of $23.47. Mr. Foscolos says in a note, "We believe AltaGas is well-positioned through its high-quality utilities and midstream platforms and clear strategic directive emphasizing disciplined and low-risk growth." The Globe's guest columnist Arjun Deiva said in the Number Cruncher column on Feb. 17 that AltaGas could play catch-up in 2021. It could then be had for $19.84. The Globe reported on March 16 that Mr. Foscolos cut AltaGas to "buy" from "strong buy" based on its recent share price performance. The shares were then worth $21.27. The Globe reported on March 18 that ATB Capital rated AltaGas "outperform." It was then worth $21.39.