Altus Power gains after announcing review of strategic alternatives

Altus Power

16/10/2024 12:33

** Shares of Altus Power  AMPS.N  rise 16.3% to $3.53
premarket
    ** Co on Tuesday announced that a formal review of strategic
alternatives has been underway by its board 
    ** Review aims to assess and determine the strategic
alternatives that will unlock shareholder value and optimize
access to capital, AMPS said
    ** "The ongoing disconnect between the share price and our
view of intrinsic value gives Board confidence that exploring
alternative ownership structures is a prudent course to maximize
value" - Christine Detrick, Chair of Altus Power
    ** Co reaffirms its guidance for fiscal year 2024
    ** AMPS expects the process to be completed by first half of
2025
    ** 7 out of 9 brokerages rate AMPS "buy" or higher, 2
"hold"; median is $5.5 - LSEG data
    ** As of last close, stock down about 56% YTD


 (Reporting by Sukriti Gupta)
 ((Sukriti.Gupta@thomsonreuters.com;))