The Globe and Mail reports in its Tuesday, Dec. 19, edition that National Bank Financial analyst Rupert Merer has reaffirmed his "outperform" recommendation for Boralex. The Globe's David Leeder writes in the Eye On Equities column that Mr. Merer jacked his share target up by $3 to $41. Analysts on average target the shares at $39.30. Mr. Merer says an early reading on the fourth quarter for Boralex looks "good." The National Bank stockpicker says he sees falling yields bringing "tailwinds back to renewable developers." Mr. Merer says in a note: "We updated Q4 estimates with a slight reduction in our generation forecast to 2,245 GWh (was 2,271 GWh) with weaker wind anticipated in Quebec and Ontario, offset by strong wind in France. We plan to refine our forecasts after the end of the month. However, with solid performance so far in Q4E, our adjusted EBITDA forecast is $199-million (was $201-million), ahead of consensus at $195-million. ... With solid performance so far in Q4, our adjusted EBITDA forecast is $199-million (was $201-million), ahead of consensus at $195-million." The Globe reported on Aug. 16 that Mr. Merer had reiterated his "outperform" call on Boralex when it could be had for $32.93.