The Globe and Mail reports in its Thursday, Jan. 22, edition that National Bank Financial analyst Baltej Sidhu has reiterated his "outperform" recommendation for Boralex. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sidhu has cut his share target to $39, from a Street-high $41. Analysts on average target the shares at $35. Mr. Sidhu says in a note: "We have updated our estimates to reflect slightly weaker consolidated generation and the removal of the quarterly contribution from its Ontario BESS assets (Hagersville and Sanjon), as COD comes later than we anticipated (approximately $10-million reduction to our Q4/25E adj. EBITDA). For Q4/25E, we expect generation to improve sequentially versus earlier quarters in 2025, though to come in modestly below LTA at 2,533 GWh (was 2,706 GWh), representing 96 per cent of LTA. We saw strength in Boralex's Canadian wind portfolio (estimated at 105 per cent of LTA); however, it was insufficient to offset softer generation across the remainder of its portfolio. With that, and among other calibrations, our Q4E EBITDA forecast declines to $206-million (was $231-million; consensus $224-million)."