In a report published Monday, Morgan Stanley analyst Stephen C. Byrd reiterated an Equal-Weight rating on Pattern Energy Group PEGI, but removed the $31.00 price target.
In the report, Morgan Stanley noted, “2013 distributable cash flow of $42.6m was 4% below original expectations, but wind conditions were 9% below normal. We believe the company's strong cash flow in the face of unusual wind conditions highlights management's ability to take action to improve cash flow in weak wind conditions. 4Q2013 cash flow was ~$5m weaker than our expectations, due to weak wind conditions as well as equipment-related turbine downtime at the company's Santa Isabelle and Ocotillo plants. The damaged turbines were still under warranty with Siemens, however, so all repair costs and lost revenue will be reimbursed by the manufacturer.”
Pattern Energy Group closed on Friday at $27.40.
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