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Boralex Inc
Symbol BLX
Shares Issued 102,766,104
Close 2023-10-17 C$ 27.37
Market Cap C$ 2,812,708,266
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Globe says RBC's Ng keeps Boralex at "sector perform"

2023-10-17 07:45 ET - In the News

The Globe and Mail reports in its Tuesday, Oct. 17, edition that RBC Capital analyst Nelson Ng continues to rate Boralex "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Ng cut his share target by $6 to $36. Analysts on average target the shares at $42.42. Mr. Ng says in a note: "In light of the New York PSC's decision to deny the subsidy increase requests for advanced renewable developments, we expect that Boralex will need to rebid 740 MW of uneconomic solar projects in New York State into future RFPs to secure higher prices. We lower our price target mainly to reflect a reduction in the value we apply to the company's development pipeline, as we expect developments with revenue contracts will have project returns that are under pressure." The Globe reported on June 2 that Credit Suisse had boosted Boralex to "outperform" from "neutral." It was then worth $38.08. The Globe reported on Aug. 22 that CIBC analyst Mark Jarvi had reaffirmed his "outperformer" recommendation for Boralex when it could be had for $33.44. 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.

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