RE:Wells Fargo upgrades AQN The Globe and Mail reports in its Friday, Jan. 6, edition that Wells Fargo analyst Neil Kalton says he is "taking the plunge" and upgrading Algonquin Power & Utilities to "overweight" from "equal-weight." The Globe's David Leeder writes that Mr. Kalton continues to target the units at $9 (all figures U.S.). Analysts on average target the units at $11.08. Mr. Kalton says in a note: "We caution that our positive rating is dependent on management and the board taking aggressive strategic actions to put the company on firmer financial footing. Such actions include a material dividend cut and a paring back of capital investment. Algonquin has scheduled a business update for Jan. 12. Since 11/10, Algonquin shares have fallen 45 per cent and shares now trade at 90 per cent of book value. In our view, the underperformance was initially driven by dividend safety concerns prompted by a negative '22 EPS guidance revision (down 10 per cent). We think the share price reaction caused further concerns over AQN's balance sheet and the large (and ongoing) equity needs, which are necessary to finance planned capital investment [including its proposed acquisition of Kentucky Power] and maintain investment grade credit ratings."
GLTA
pennydredful wrote: to 9.00 US equal to 12.22 Cdn. I have no commentary perhaps someone can post it if available.