The Globe and Mail reports in its Thursday edition that according to National Bank analyst Rupert Merer, Canadian renewable power producers' valuations remain depressed and oversold despite high rates. The Globe's David Leeder writes in the Eye On Equities column that Mr. Merer says in a note: "Our coverage of renewable power developers has performed poorly over the last couple of years, with headwinds from higher bond yields and lower production that resulted from uncooperative weather. With rates remaining high, we are lowering our targets to reflect higher bond yield forecasts for the next 12 months. However, we believe that the sector is more oversold now than at any time since we have started covering the stocks, with an average implied cost of equity at about 11.8 per cent, which is high relative to historical levels and relative to the market." He adds that growth opportunities in Canada are "better than they have been for years." Mr. Merer has reaffirmed his "outperform" call on Innergex Renewable Energy. Mr. Merer says Innergex Renewable is one of his top picks. Mr. Merer shaved his share target by a loonie to $15, which The Globe notes is a Street high. Analysts on average target the shares at $11.31.