InterestingBoth Raymond James and ATB Capital $42-43 targets. Strong Buy /Buy
Mr. Quezadam (Raymond James) is sticking his $43 share target. Analysts on average target the shares at $37.93. Mr. Quezada says in a note: "With shares down 39 per cent year-to-date (vs. the TSX up 5 per cent), Northland has meaningfully lagged peers and now trades at just 9.1 times 2024 EV/EBITDA, a new low point relative to its historical range. With the financial close for the two large scale offshore wind projects, and increased disclosure regarding economics, we expect the market will come to increasingly ascribe value to them as uncertainty is addressed. Further, with a 19 GW development pipeline, we believe Northland has among the best long term growth in our coverage and can selectively pursue higher return projects.