UPDATE: Evercore ISI Upgrades Clearway Energy Inc. (CWEN) to Outperform

October 5, 2021 5:45 AM EDT
Get Alerts CWEN Hot Sheet
Price: $31.57 --0%

Rating Summary:
    6 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 10 | New: 27
Trade Now! 
Join SI Premium – FREE
(Updated - October 5, 2021 5:46 AM EDT)

Evercore ISI analyst Michael Lonegan upgraded Clearway Energy Inc. (NYSE: CWEN) from In Line to Outperform with a price target of $36.00 (from $25.00).

The analyst comments "Specifically, we believe Clearway Energy is gaining traction over time with a stronger, more dedicated sponsor in GIP, which is a private company, as opposed to its prior publicly-traded sponsor who through activist pressure at the time had competing sources for capital allocations with a limited focus on development capital. We also believe CWEN is evolving by continually adding more and more capacity outside of California post-PCG bankruptcy, enhancing its counterparty and resource diversification as well as its reliance on any single market. In addition, we think that investors will continue to shift out of crowded Canadian names (4% total returns) into some higher-returning, cheaper US peers (12% for CWEN and AY) where that discount has been narrowing as well. In this deep dive report, we are upgrading CWEN to Outperform from In Line with a target price of $36/share, representing nearly 20% upside to the shares. Our bull case valuation of $46/share has over 50% upside, while bear case of $29/share has less than 5% downside."

For an analyst ratings summary and ratings history on Clearway Energy Inc. click here. For more ratings news on Clearway Energy Inc. click here.

Shares of Clearway Energy Inc. closed at $30.40 yesterday.


You May Also Be Interested In





Related Categories

Analyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades