Kept at Market Perform at BMO Following Q4; Target US$7.50Algonquin Power & Utilities Kept at Market Perform at BMO Following Q4 Results; Price Target Maintained at US$7.50 2023-03-20 11:26:24 AM ET (MT Newswires)
11:26 AM EDT, 03/20/2023 (MT Newswires) -- BMO Capital Markets on Monday reiterated its market-perform rating on the shares of Algonquin Power & Utilities (AQN.TO, AQN) and its US$7.50 price target after the utility reported fourth-quarter results on Friday.
"While AQN shares could offer short-term improvement in sentiment for nimble investors esp. with the recent risk-off market positioning, we need to see evidence of execution in the upcoming quarters before we become more comfortable with the current risk profile of AQN. For example, management credibility will take time to restore and EPS visibility beyond 2023 is still opaque with next biggest driver being the outcome of the Kentucky Power acquisition. Combined with a flat potential total return to our unchanged US$7.50 target, we are maintaining our Market Perform rating," analyst Ben Pham wrote.