IA Capital Bumps - G&MIA Capital Markets’ Matthew Weekes bumped his AltaGas Ltd. (ALA-T +2.98%increase
) target to $30 from $29 with a “buy” rating. The average is $31.20.
“ALA’s Q1/23 Normalized EBITDA and EPS were above estimates driven by higher Midstream volumes, favourable FX, and operational efficiencies,” said Mr. Weekes. “The Company reaffirmed its 2023 guidance and continued to advance its strategic priorities, including entering into a JV with Vopak to evaluate the new Ridley Island Energy Export facility to further increase scale and overall efficiency of the export platform. ALA has barriers to entry in global LPG exports through first-mover advantage and scale and de-risks operations through active hedging and contracted tolling. We are rolling our valuation forward to capture the first two quarters of 2024E and increasing our target.”