The Globe and Mail reports in its Tuesday edition that RBC Dominion Securities analyst Nelson Ng has reaffirmed his "sector perform" recommendation for Algonquin Power and Utilities. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ng cut his share target by $1 (U.S.) to $7 (U.S.). Analysts on average target the shares at $7.64 (U.S.). With Algonquin Power's management remaining committed to the sale of its renewable energy business, Mr. Ng expects its shares to remain range-bound in the near term as investors debate the value the division can attract in a high interest rate environment. While he sees "upside in the shares with respect to valuation," Mr. Ng warns that recent sector weakness has also "tempered investors' expectations." Mr. Ng says in a note: "The focus continues to be divesting the entire renewables business rather than individual assets because management believes the platform (team and development pipeline) can attract significant value. Due to the timing of the process, we believe the investment environment (interest rates and inflation expectations, and sentiment in the renewables sector) in H1/24 will determine the final price for Algonquin's renewables division."