The Globe and Mail reports in its Tuesday edition that when New York's Starboard launched its campaign at Algonquin Power, the hedge fund published a letter detailing which divisions should be sold, and the price they would fetch. The Globe's Andrew Willis writes that Algonquin is already in the midst of a strategic review, launched in May, aimed at paying down debt by selling divisions. This week, analysts took apart Starboard's number-crunching and found it did not add up. Several investment banks said the hedge fund is overly optimistic on the price the utility's divisions could fetch and is misreading market sentiment. "We believe that spinning out or divesting the assets in the current environment may not lead to a sustainable higher Algonquin share price," Nelson Ng at RBC Capital Markets said in a report. CIBC's Mark Jarvi took the same view, saying in a report, "Algonquin shouldn't rush to sell all its power assets -- it could potentially wait for better market conditions." Rather than outright sales of its renewable energy assets, which include hydro plants, Mr. Ng said Algonquin could raise cash from selling minority stakes, pay down debt with this cash and continue to collect fees for running the operations.