UPDATE: Bank of America Initiates Coverage on Pattern Energy as Organic/ROFO Growth is Not Fully Valued

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In a report published Wednesday, Bank of America analyst Brian Chin initiated coverage on

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Pattern Energy

(NASDAQ: PEGI) with a Buy rating and $28.00 price target.In the report, Bank of America noted, “We are initiating research coverage of Pattern Energy Group with a Buy rating and $28 price objective. Pattern is a dividend-growth-oriented company that owns, operates, and plans to acquire contracted wind electricity generation. The company targets an 80% payout ratio of cash available for distribution. Contributions from two wind facilities under construction, and interests in six additional assets as part of a right of first offer (ROFO) agreement with its selling shareholder, PEG LP, drive a 30% dividend CAGR 2013-2016 in our model. Based on our analysis of those projects, we do not think the market is fully valuing Pattern's growth opportunity compared to peers like NRG Yield and Brookfield.”Pattern Energy closed on Tuesday at $23.14.