Upgrade Following in-line fourth-quarter results, National Bank Financial analyst Rupert Merer increased his target for shares of Algonquin Power & Utilities Corp. to US$16 from US$15.50 with an “outperform” rating. The average is US$17.00.
“We are maintaining our OP rating, with potential for earnings growth and asset sell-downs,” said Mr. Merer. “However, dividend growth could slow, with our forecasted payout ratio at 95 per cent for 2022 (assuming 5-per-cent distribution growth).”