Credit Suisse Assumes Brookfield Renewable Energy (BEP) at Neutral
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Credit Suisse analyst Andrew Kuske assumes coverage on Brookfield Renewable Energy (NYSE: BEP) with a Neutral rating and a price target of $47.00.
The analyst comments "Reinstatement of Coverage: After a brief period of restriction, we reinstate coverage of Brookfield Renewable Partners LP (BEP) with a Neutral rating and US$47 target price (both same as prior). Recently, Brookfield Asset Management (BAM) sold 15m class A exchangeable subordinate voting shares of Brookfield Renewable Corporation (BEPC) at a price of US$51.50 for a ~9.6% discount to the close on February 8th. Underwriters hold a 2.25m option that is open for 30-days following the February 16th close. For clarity, BEP and BEPC are not issuing shares and will not receive proceeds from the sale, but is likely to aid trading liquidity of the shares."
Shares of Brookfield Renewable Energy closed at $45.22 yesterday.
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