The Globe and Mail reports in its Tuesday, Aug. 22, edition that CIBC World Markets analyst Mark Jarvi has reaffirmed his "neutral" recommendation for Algonquin Power & Utilities. The Globe's David Leeder writes in the Eye On Equities column that Mr. Jarvi gave his share target a 25-cent trim to $8.75 (all figures U.S.). Analysts on average target the shares at $9.15. Mr. Jarvi thinks the recent pullback in renewable energy stocks is "not justified by higher bond yields alone" and thinks investors are "pricing in overly bearish discount rates/valuations." Mr. Jarvi says in a note: "Performance across our power/renewables coverage has been poor, with 18-per-cent and 40-per-cent declines on three- and 12-month bases. ... Other clean energy-related segments and ETFs have shown similar declines -- clearly the outlook for this space is more bearish today and investor sentiment is poor. Higher bond yields explain some of the headwinds for our coverage, but on a pure valuation perspective can only really explain roughly half the decline (around 10 per cent for the average company), with perceived risks on supply chain, costs, funding and returns, as well as poor Q2/23 results, compounding the bond yield impacts."