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UPDATE: BMO Capital Markets Upgrades Atlantic Power to Market Perform on Uncertainty

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In a report published Wednesday, BMO Capital Markets analyst Ben Pham upgraded the rating on Atlantic Power Corp. (NYSE: AT) from Underperform to Market Perform, but lowered the price target from $7.00 to $5.00.

In the report, Pham noted, “Uncertainty still persists on plant re-contracting prospects in Ontario and New York, while investor confidence and legal issues have surfaced since the 65% dividend cut on February 28. The Path 15 asset sale proceeds of US$193 million were also below our estimates resulting in a ~$0.50/sh drag to our DCF (sale agreement announced on March 11). As a result of these factors, we are reducing our target price by $2 to $5. However, we believe the stock is now reasonably valued relative to peers in light of the risks and we are comfortable holding ATP at current levels for yield.”

Atlantic Power Corp. closed on Tuesday at $4.75.

Latest Ratings for AT

DateFirmActionFromTo
May 2020TD SecuritiesMaintainsHold
Mar 2016RBC CapitalUpgradesUnderperformSector Perform
Dec 2015National Bank FinancialUpgradesUnderperformSector Perform

View More Analyst Ratings for AT
View the Latest Analyst Ratings

 

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Posted-In: BMO Capital MarketsAnalyst Color Upgrades Analyst Ratings

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