The Globe and Mail reports in its Wednesday, March 25, edition that National Bank analyst Patrick Kenny has moved his recommendation for TransAlta to "outperform" from "sector perform," citing an attractive risk-reward profile given the stock's recent weakness and several catalysts ahead that were outlined in the utility's investor day. The Globe's Darcy Keith writes that Mr. Kenny continues to target the shares at $22. Analysts on average target the shares at $23.55. Mr. Kenny says in a note: "TransAlta remains focused on reaching definitive agreements in 2026 on its 230 MW PPA at Keephills with CPP/Brookfield, while also capitalizing on its coal-to-gas (CTG) units, designed to operate above 90 per cent capacity factor. Longer-term, TransAlta is pursuing repowering opportunities at its 800 MW Keephills 1 and 800 MW Sundance 5 units, while assessing greenfield development on the 460 MW Flipi combined cycle project, subject to long-term contracts. On the $600-million (U.S.) Centralia gas conversion front, Puget Sound Energy submitted a rate case in Q1/26 combined with permits, preliminary engineering and initial cost estimates, with TransAlta continuing to anticipate a final investment decision in early 2027."