Brookfield Renewable Partners (BEP – Research Report), the Utilities sector company, was revisited by a Wall Street analyst on September 22. Analyst Anthony Crowdell from Mizuho Securities remains neutral on the stock and has a $27.00 price target.
Anthony Crowdell has given his Hold rating due to a combination of factors that suggest Brookfield Renewable Partners’ stock (BEP) holds a strong position but its growth is already factored into the current price. Despite the economic headwinds such as inflation and rising interest rates, BEP’s solid fundamentals, including its size and robust balance sheet, allow it to maintain its growth trajectory. The company’s competitive edge has also strengthened in the current climate. However, Crowdell believes that this robust growth is already accounted for in the stock price, thus he maintains a Neutral rating.
The report indicates that BEP is well poised to capitalize on global decarbonization trends and the focus on energy security following the energy crisis. The company’s growth is driven more by corporations seeking long-term renewable contracts rather than government mandates. Over the next 12 months, the company plans to bring 3,400 MW of new renewable generation online, which is expected to add an incremental $50M to the annual FFO. Despite the promising outlook, Crowdell’s rating reflects his view that the market has already priced in these growth prospects.
According to TipRanks, Crowdell is a 3-star analyst with an average return of 2.6% and a 57.07% success rate. Crowdell covers the Utilities sector, focusing on stocks such as Black Hills, Avista, and IdaCorp.
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Brookfield Renewable Partners (BEP) Company Description:
Brookfield Renewable Partners LP engages in owning a portfolio of renewable power generating facilities primarily in North America, Colombia, Brazil, Europe, India, and China.. It operates through following segments: Hydroelectric; Wind; Solar; Storage and Other; and Corporate. The company was founded on June 27, 2011 and is headquartered in Hamilton, Bermuda.
Read More on BEP:
- ‘Higher Interest Rates Could Fuel Market Chaos,’ Warns Kevin O’Leary. Here Are 2 ‘Strong Buy’ Dividend Stocks to Protect Your Portfolio
- Brookfield Renewable Partners price target lowered to $27 from $32 at Mizuho
- Brookfield Renewable Partners reports Q2 FFO 48c vs. 46c last year
- Brookfield Renewable Reports 10% FFO Per Unit Growth
- Is BEP a Buy, Before Earnings?
