Analyst Anthony Crowdell of Mizuho Securities reiterated a Hold rating on Brookfield Renewable Partners (BEP – Research Report), with a price target of $27.00.
Anthony Crowdell has given his Hold rating due to a combination of factors that suggest a stable yet cautious outlook for Brookfield Renewable Partners. The company’s strategy for growth through both organic opportunities and acquisitions in a thawing M&A market is acknowledged. The expectation of 10%+ FFO per unit growth and 5-9% unit distribution growth, albeit at the lower end, indicates a positive yet moderated potential for the company’s performance. Additionally, the stabilization of interest rates is expected to improve M&A activity, which could benefit the company in its growth and capital recycling efforts.
Furthermore, the increasing global demand for clean energy, particularly from data centers, AI, and electric vehicles, presents a significant growth opportunity for BEP, which has a substantial pipeline of projects poised to meet this demand. Management’s focus on capital recycling, particularly in North America, and the improvement of basis risk in the offshore wind industry, where BEP is actively exploring opportunities, underscores the company’s strategic initiatives. Nonetheless, Crowdell’s Hold rating implies that while there are clear growth prospects and a sound strategic direction, there may be risks and uncertainties that warrant a conservative investment stance at this time.
According to TipRanks, Crowdell is a 3-star analyst with an average return of 2.2% and a 48.74% success rate. Crowdell covers the Utilities sector, focusing on stocks such as Pinnacle West Capital, American Electric Power, and Allete.
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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:
- Brookfield Renewable Reports Record Results and Announces 5% Distribution Increase
- Brookfield Renewable raises quarterly distribution 5% to 35.5c per share
- Options Volatility and Implied Earnings Moves Today, February 02, 2024
- Brookfield Renewable Partners reports Q4 FFO 38c vs. 35c last year
- Brookfield Renewable Energy Partners (BEP) Q4 Earnings Cheat Sheet
