Evercore starts coverage on Altus Power with 'outperform', shares surge

Altus Power

04/01/2023 19:09

(Updates)
    ** Shares of Altus Power Inc  AMPS.N  up 14.7% at $7.1, on
track for their best day in over three months 
    ** AMPS stands out in clean energy universe for its
"positive EBITDA generation", Evercore ISI says, as it initiates
coverage on stock with "outperform" rating and $15 PT
    ** Many of the companies in the clean energy universe are
"targeting to become EBITDA-positive in 2025 or 2026", says
brokerage
    ** Altus has the ability to increase rates across a majority
of its contracts as utility rates continue to rise - Evercore
    ** "AMPS will leverage its key relationships with Blackstone
and CBRE to finance and accelerate growth while also benefiting
from a low cost of customer acquisition, especially when
compared to the solar industry" - Evercore
        ** 6 of 7 brokerages rate the stock "buy" or higher, 1
"hold"; median PT is $13- Refinitiv
  
 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))