The Globe and Mail reports in its Wednesday edition that iA Capital analyst Naji Baydoun continues to rate Innergex Renewable Energy "strong buy," with an unchanged $22 share target. The Globe's David Leeder writes that analysts on average target the shares at $17.90. Mr. Baydoun believes Innergex has an "attractive" valuation. He calls Innergex Renewable one of his "Top Picks" for the third quarter of 2023. Mr. Baydoun thinks Innergex's "compelling" valuation supports "significant upside potential." Mr. Baydoun says in a note: "INE's shares continue to trade at a significant discount to their own historical trading averages and well below their two times forward EV/EBITDA historical premium to peers. As INE delivers more stable operating and financial performance and executes on its growth and financial priorities, we believe that improved execution, a rapidly declining payout ratio, and more consistent growth could potentially lead to improved market sentiment toward the shares (including perception related to the quality of underlying cash flows), which could support a positive valuation multiple rerating." The Globe reported on May 26 that National Bank rated Innergex "outperform." It was then worth $13.57.