2023-05-08 15:22:41 ET
Atlantica Sustainable Infrastructure ( NASDAQ: AY ) +3.5% in Monday's trading after National Bank Financial upgraded the stock to Outperform from Sector Perform with a $31 price target, following the power generation company's better than forecast Q1 adjusted earnings and the stock's 12% drop since April 1.
With a "solid start" to 2023, Atalntica Sustainable ( AY ) should be on track to achieving guidance for its cash available for distribution, analyst Rupert Merer wrote.
Q1 results were supported by in-line renewable generation of 1,192 GWh, up 9% Y/Y, boosted by strong solar generation in Spain and new growth, Merer said.
A strong balance sheet should support Atlantica Sustainable's ( AY ) planned $300M in near-term investments on renewable infrastructure.
More on Atlantica Sustainable:
- See financial and valuation comparisons to sector peers
- SA analysis: Best Renewable Energy Stocks To Watch: Our Top Pick Is Atlantica Sustainable Infrastructure
- Stock price return: Down 2% YTD, down 18% in the past 12 months
For further details see:
Atlantica Sustainable upgraded at National Bank on solid start to 2023