Tate Sullivan, an analyst from Maxim Group, reiterated the Buy rating on Altus Power (AMPS – Research Report). The associated price target remains the same with $7.00.
Tate Sullivan has given his Buy rating due to a combination of factors that signal strong growth prospects for Altus Power. The company’s reaffirmed revenue and adjusted EBITDA guidance for 2024 shows a significant increase, underpinning the company’s robust financial trajectory. Furthermore, the first quarter results of 2024 outpaced consensus revenue estimates and surpassed Sullivan’s adjusted EBITDA expectations, although they were just short of the broader market consensus. This performance is indicative of the company’s operational efficiency and its successful expansion through acquisitions and construction of new solar energy facilities.
Additionally, the company’s Investor Day is forthcoming, which may provide further clarity on its reevaluation of the solar project pipeline, potentially reshaping market sentiment. Altus Power has a substantial amount of available capital earmarked for growth investments and potential acquisitions, bolstering its financial flexibility. The valuation, with an enterprise value to adjusted EBITDA multiple that remains attractive relative to Sullivan’s forecasts, further supports the Buy rating with a $7 price target, which implies a favorable forward multiple. These elements collectively justify Sullivan’s positive outlook on Altus Power’s stock.
Sullivan covers the Industrials sector, focusing on stocks such as BWX Technologies, Euroseas, and Seanergy Maritime. According to TipRanks, Sullivan has an average return of 13.5% and a 48.60% success rate on recommended stocks.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $7.00 price target.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Altus Power (AMPS) Company Description:
CBRE Acquisition Holdings Inc is a blank check company.
Read More on AMPS:
