AES powers up after Q4 beat

AES

27/02/2023 14:09

** Shares of power provider AES Corp  AES.N  up 3.9% at
$26.30 premarket after qtrly results top expectations
    ** Co posts Q4 rev growth of 10.5% to $3.06 bln, topping
Refinitiv est of $2.99 bln, while adj EPS of 49 cents beats by 3
cents
    ** Regarding its outlook, co says targeting signing total of
14-17 GW of new long-term renewables purchase power agreements
(PPAs} through 2025
    ** Says expects to complete 3.4 GW of new renewable energy
projects this year, including 2.1 GW in U.S. 
    ** For 2023, co initiates adj EPS guidance of $1.65-$1.75 vs
consensus of $1.73, saying includes financial impact of 0.6 GW
of new U.S. renewable projects coming online in 2024, instead of
2023
    ** 12 of 13 analysts rate AES "buy" or "strong buy", 1
"hold", per Refinitiv; median PT of $31 implies ~22% upside to
stock's Fri close
    ** YTD, AES shares down ~12% compared to S&P 500 Utilities
 .SPLRCU  decline of 6%. Last year, stock rose ~18% while SPLRCU
dipped 1.4%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))