AVANGRID (AGR) PT Raised to $32 at JPMorgan

JPMorgan analyst Richard Sunderland raised the price target on AVANGRID (NYSE: AGR) to $32.00 (from $31.00) while maintaining a Underweight rating.

The analyst comments "Company growth with its T&D and renewables focuses is attractive relative to peers and thematically consistent with the increasing value placed on ESG-driven regulated or contracted earnings. That said, we had been awaiting AGR’s forthcoming ex-PNM plan refresh, which carries a higher degree of uncertainty given changes since the company’s last analyst day update and the prospects for a growth rebase lower. Recent receipt of a non-binding take private offer from majority shareholder Iberdrola now overshadows this element, leaving the AGR Board evaluation as a key milestone in the company’s future. Here, we view the take private announcement as positive in pulling a one-time lever that some market hope had focused on, but we point to price questions and related considerations as prospective offsets that leave limited upside from here."

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