Clearway Energy shares rise after BofA upgrades to "buy"

Clearway Energy

06/10/2023 21:11

** Shares of Clearway Energy Inc  CWEN.N  closed up 10.8% at
$20.79 on Fri after BofA Global Research upgraded renewable
energy developer to "buy" from "neutral"
    ** CWEN provides "more compelling opportunities" with its
"contracted" fossil and renewable energy assets - BofA analysts
led by Julien Dumoulin-Smith
    ** CWEN shares are "highly correlated with interest rates
which masks the fundamental improvement of its core California
fossil portfolio" - the analysts wrote
    ** Co also has "no external equity needs" until 2026 and
does not require further corporate debt refinancing through
2028, BoFa analysts wrote
    ** Now,, the median PT of 12 analysts covering CWEN is
$32.50 and avg rating is "buy", LSEG data showed
    ** Despite the gain on Fri, stock down 35% YTD

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))