Allergen (AGN) PT Raised to $7.25 at National Bank Financial

National Bank Financial analyst Rupert Merer raised the price target on Allergen (NYSE: AGN) to $7.25 (from $6.75) while maintaining a Sector Perform rating.

The analyst comments "Interest in the IPPs is recovering, with an improving outlook for growth and with rising costs and bond yields now in the rear-view mirror. Power demand in North America could double over the next 25 years, backed by data centre demand, electrification, reshoring of manufacturing and population growth. With this and a market push to green power, the sector has a long runway. IPPs with exposure to the Canadian market are well positioned, as the market seems to have less competition (so far) and should benefit from a 30% Canadian ITC. Recently, NPI, BEP, INE and BLX have done well in RFPs in Ontario and Quebec for wind power and battery capacity (there are more to come). In the U.S., Brookfield has had success securing 10.5 GW of growth to support Microsoft and AY continues to grow its development pipeline, showing a path to competitiveness in that market too. PIF could soon announce M&A in less competitive LatAm markets and ARR sees a large pipeline of investment opportunities for its unique royalty model. With the operating scale and strong relationships that the companies have in respective target markets, they should find success."

You May Also Be Interested In

• Emkay Global Starts Urban Company (URBANCO:IN) at Buy (1)
• UBS Downgrades Klarna (KLAR) to Neutral
• Walmart (WMT) PT Lowered to $125 at JPMorgan, Overweight Rating Maintained as 'Short Case Feels Greedy'