Justin Clare, an analyst from Roth MKM, maintained the Buy rating on Altus Power (AMPS – Research Report). The associated price target is $10.00.
Justin Clare’s Buy rating for Altus Power (AMPS) is influenced by several key factors. He acknowledges the company’s promising ability to progress through its asset pipeline from initial customer engagement to completion. Despite a high cost of capital potentially slowing the pace of contracting, Clare maintains the Buy rating due to expectations of a rebound in Q4 following a slight drop in Q3 estimates. He also notes the potential for upside from unannounced capacity additions.
In addition, Clare points to the company’s target to complete 150MW of self-developed assets in 2024, backed by a robust pipeline with 115MW already in construction as of mid-2023 and an additional 215MW under contract or negotiation. He acknowledges the need for AMPS to move a significant portion of its assets from the negotiation phase to construction by mid-2024 to achieve its target, and notes that the recent rise in interest rates could slow this process. However, he also highlights that a SOFR hedge secured by AMPS earlier in the year could help offset some of the impact of higher interest expenses.
In another report released on November 1, B.Riley Financial also maintained a Buy rating on the stock with a $8.00 price target.
AMPS’s price has also changed moderately for the past six months – from $4.530 to $5.490, which is a 21.19% increase.
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Altus Power (AMPS) Company Description:
CBRE Acquisition Holdings Inc is a blank check company.
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