The Globe and Mail reports in its Thursday edition that Desjardins Securities analyst Brent Stadler has reiterated his "buy" recommendation for Boralex. The Globe's David Leeder writes in the Eye On Equities column that Mr. Stadler, however, whacked his share target back by $5 to $40. Analysts on average target the shares at $40.64. Mr. Stadler says the rise in interest rates has put pressure on independent power producers "given the defensive nature and bond-like cash flow characteristics driving an inverse relationship to bond yields." However, while he projects weather resources to be "a bit weaker" in the third quarter, Mr. Stadler predicts a "relatively positive" tone through the sector during the earnings season ahead. Mr. Stadler says in a note: "While rates are in the driver's seat and primarily affect valuations, fundamentals and sectoral tailwinds remain and are gaining momentum, in our view. We would highlight a positive environment for project returns given elevated power prices and continued strong demand from both corporates and government, leading to potentially the best PPA environment we have seen. ... We continue to favour names with solid balance sheets, well-funded pipelines and catalysts."