TD Securities analyst Sean Steuart maintained a Hold rating on Algonquin Power & Utilities (AQN – Research Report) today and set a price target of $6.00.
Sean Steuart’s Hold rating for Algonquin Power & Utilities Corp. (AQN) is influenced by a blend of factors. Stemming primarily from the company’s pursuit of its renewable energy sales, Steuart sees potential in AQN’s commitment to the green energy sector. However, a tempered outlook for the fiscal year 2023 also appears to play a significant role in his rating decision. This cautious forecast suggests that while there are promising prospects, there may also be challenges ahead for AQN.
Furthermore, Steuart seems to recognize AQN’s consistent growth and its strategic efforts to monetize surplus assets as additional factors in his rating. The company’s stable growth trajectory and record results indicate a strong financial performance. However, the Hold rating also suggests that Steuart believes the stock is currently fairly valued, and investors should maintain their current positions rather than buying more or selling off their shares.
In another report released today, RBC Capital also maintained a Hold rating on the stock with a $7.00 price target.
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Algonquin Power & Utilities (AQN) Company Description:
Algonquin Power & Utilities Corp. is a diversified utility company, which through its subsidiaries, engages in the ownership and operation of a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets. It focuses on delivering reliable earnings, cash flow, and dividend growth through strategic acquisitions and operational excellence. The company was founded on August 1, 1988 and is headquartered in Oakville, Canada.
Read More on AQN:
- Options Volatility and Implied Earnings Moves Today, November 10, 2023
- Algonquin Power reports Q3 adjusted EPS 11c, consensus 12c
- Algonquin Power & Utilities Corp. Announces 2023 Third Quarter Financial Results
- Algonquin Power & Utilities Corp. Declares Fourth Quarter 2023 Common Share Dividend of U.S.$0.1085 (C$0.1497), and Declares Fourth Quarter 2023 Preferred Share Dividends
- AQN Earnings this Week: How Will it Perform?
