UPDATE: JPMorgan Upgrades Altus Power (AMPS) to Overweight Citing Recent Pullback

JPMorgan analyst Mark Strouse upgraded Altus Power (NYSE: AMPS) from Neutral to Overweight with a price target of $10.00.

The analyst comments "AMPS reported 3Q revenue and EBITDA above expectations. FY22 guidance is expected at the lower end of the previous range owing to a delay in the large acquisition of assets from DESRI, which has now closed. Backlog remains strong, projects are progressing towards closing, and management indicated that demand is accelerating owing to increasing electricity rates. We are leaving our FY estimates largely unchanged. Our December 2023 price target remains $10. While we believe the company is largely tracking expectations, we believe the recent pullback presents a buying opportunity, particularly ahead of an expected uptick in contracting activity over the coming few quarters. We are upgrading to Overweight, from Neutral."

For an analyst ratings summary and ratings history on Altus Power click here. For more ratings news on Altus Power click here.

Shares of Altus Power closed at $8.54 yesterday.

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