The Globe and Mail reports in its Tuesday edition that BMO Capital analyst Ben Pham has reaffirmed his "outperform" recommendation for Boralex. The Globe's David Leeder writes in the Eye On Equities column that Mr. Pham's share target soared to $37 from $26. Analysts on average target the shares at $39.80. Mr. Pham says in a note: "The Q4/23 earnings report illustrates improved renewable production trends (101 per cent of LTA vs. 98 per cent last year) and a continued robust growth backlog (three new projects added totalling 162MW). At the same time, the development pipeline was boosted 5 per cent and 290MW of projects are expected to be commissioned this year (9 per cent vs. 3,078MW existing capacity). Combined with undemanding valuation (approximately 10.5 times vs. renewable peers ranging from 10 to 17 times) and strong balance sheet/conservative balance sheet, we're maintaining our 'outperform' rating." The Globe reported on July 21 and Sept. 12 that Desjardins Securities analyst Brent Stadler continued to rate Boralex "buy" when it was worth $35.32 and $32.51. The Globe reported on Nov. 10 that Mr. Pham was maintaining his "outperform" recommendation on Boralex. The shares could then be had for $28.78.