Better Targets Desjardins Securities analyst Brent Stadler cut his target for Vancouver-based EverGen Infrastructure Corp. to $8 from $10.50 with a “buy” rating. Others making changes include: Echelon Capital’s Michael Mueller to $10 from $11.25 with a “speculative buy” rating and RBC’s Nelson Ng to $6 from $7 with an “outperform” rating. The average is $9.75.
“We have modelled expected expansion project delays, which reduces our 2023 estimates, and have also increased our cost of equity,” Mr. Stadler said. “As a result, we have reduced our target ... We continue to believe that the RNG space is exciting and that EVGN’s outlook is positive with a significant pipeline which could lead to explosive growth. We look forward to the update on the expansion projects expected in 2 months and additional M&A in 2022.”