UPDATE: UBS Starts Brookfield Renewable Energy (BEP) at Buy

March 28, 2022 4:05 AM EDT
Get Alerts BEP Hot Sheet
Price: $34.56 --0%

Rating Summary:
    11 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 21 | New: 51
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(Updated - March 28, 2022 4:10 AM EDT)

UBS analyst William Grippin initiates coverage on Brookfield Renewable Energy (NYSE: BEP) with a Buy rating and a price target of $46.00.

The analyst comments "We initiate coverage of Brookfield Renewable Partners (BEP) with a Buy rating and $46 price target. BEP offers investors relatively differentiated pure-play renewables exposure with 5% p.a. DPS growth underpinned by a stable core hydroelectric portfolio, a globally diversified asset base, and an industry leading development pipeline. We believe cash generation is set to inflect, with FFO/sh growth accelerating to 14% p.a. in 2022-23E from 9% in 2021 driven by BEP's inflation-linked offtake contracts and selffunded investment needs. In our view, BEP's ~130bps dividend yield premium to the peer average is justified by these attributes. Our $46 PT implies 15% total return potential. BEP shares have outperformed the peer group by 10% since 24 Feb 2022. For investors looking for more upside potential, we highlight NextEra Energy Partners (NEP, Buy) and Clearway (CWEN.A, Buy) offering ~20% total return opportunities."

For an analyst ratings summary and ratings history on Brookfield Renewable Energy click here. For more ratings news on Brookfield Renewable Energy click here.

Shares of Brookfield Renewable Energy closed at $39.81 yesterday.


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