The Globe and Mail reports in its Tuesday edition that iA Capital Markets analyst Naji Baydoun has reaffirmed his "speculative buy" recommendation for Algonquin Power & Utilities. The Globe's David Leeder writes that Mr. Baydoun continues to target Algonquin Power shares at $13. Analysts on average target the shares at $9.38. Mr. Baydoun says in a note: "We believe that Algonquin's portfolio of assets is worth well above where the current share price is trading. ... [Algonquin] offers investors a mix of growth and income with (1) a diversified business model (regulated utilities & non-regulated power), (2) healthy medium-term growth (approximately 5 to 8 per cent per year Adj. EPS and FCF/share growth potential), (3) an attractive dividend profile (5-per-cent yield, 80- to 90-per-cent long-term Adj. EPS payout target), and (4) upside from new growth initiatives (including M&A excluded from estimates/valuation). The [Northern Indiana Public Service] transaction is supportive of the utility sector's valuations and emphasizes the short-term disconnect between Algonquin's share price and its intrinsic value, which we anticipate could narrow if management can execute on near-term strategic initiatives."