BMO Capital analyst Benjamin Pham has maintained their bullish stance on BEP stock, giving a Buy rating on November 3.
Benjamin Pham has given his Buy rating to Brookfield Renewable Partners due to a multitude of factors. Despite BEP’s stock experiencing a significant premium valuation in relation to its renewable peers, and in a sector that has witnessed substantial negativity, the company has demonstrated robust growth. This resilient growth, which is still intact at over 10%, is coupled with the fact that concerns about funding are deemed to be overstated. Moreover, returns for BEP continue to hold up and in some cases, are even increasing.
The company’s Q3/23 results were largely in line with expectations, further strengthening Pham’s confidence in the stock. In addition, BEP’s positive outlook and growth targets, which are primarily supported by an organic growth pipeline and expected M&A activity, boost its appeal. Despite recent market worries about its ability to achieve growth goals within a high-payout model that largely relies on asset sales, BEP continues to benefit from scale, diverse growth opportunities, and strong sponsorship from BAM. This combination of factors leads Pham to anticipate a persistent premium valuation for BEP.
In another report released on November 3, Wells Fargo also maintained a Buy rating on the stock with a $31.00 price target.
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Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BEP in relation to earlier this year.
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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.
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