KeyBanc Starts Pattern Energy Group (PEGI) at Buy

KeyBanc initiated coverage on Pattern Energy Group (NASDAQ: PEGI) with a Buy rating and a price target of $34.50.

Analyst Paul T. Ridzon said, "We are initiating coverage of Pattern Energy Group Inc. (PEGI-NASDAQ) with a BUY rating and $34.50 price target as we view the business and industry favorably given the Company’s focus on renewable energy projects. Currently, we see a disconnect between PEGI’s valuation and its peer group given that we believe investors are overly discounting its management team’s expertise, its relationship with Pattern Development, and its ROFO portfolio when comparing the Company to its peers. At the current valuation, we believe shares are at attractive levels given the Company's risk profile. We believe investors should be BUYERS of PEGI shares as we view current levels are at an attractive entry point. In our view, we believe investors of PEGI are well positioned to benefit from positive headline news as the Company grows its ROFO portfolio and as the Company executes on additional project drop-downs. Lastly, we view monetary policy more favorably as we believe Federal Reserve Chairwoman Janet Yellen has been very forthcoming on her intentions around monetary policy with no imminent changes."

For an analyst ratings summary and ratings history on Pattern Energy Group click here. For more ratings news on Pattern Energy Group click here.

Shares of Pattern Energy Group closed at $32.30 yesterday.

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