2023-03-10 10:09:04 ET
Ameresco ( NYSE: AMRC ) +2.5% in early trading Friday as Piper Sandler upgraded shares to Overweight from Neutral with a $64 price target, raised from $57, saying the stock's 22% YTD pullback implies the market already has priced in "much lower earnings expectations."
While acknowledging 2023 guidance risk, Piper analyst Kashy Harrison said Ameresco's ( AMRC ) "strong revenue visibility and historical track record of meeting initial earnings guidance increases our confidence in the outlook," while the current stock price suggests the market is pricing in much lower earnings expectations, "and the bar is relatively low."
Looking ahead to 2024, Harrison believes Ameresco's ( AMRC ) "diversified business strategy, coupled with the strong demand backdrop, creates multiple paths toward achieving" the company's $300M EBITDA target.
Ameresco ( AMRC ) is the "best now near-term electrical infrastructure cap-gain wealthbuilder," Peter F. Way writes in an analysis published on Seeking Alpha .
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Ameresco raised at Piper Sandler as stock more attractive after pullback