Raymond James upgrades Enviva to 'strong buy' on ESG benefits

Enviva

18/10/2022 12:20

** Bioenergy firm Enviva Inc's shares  EVA.N  up 3.5% at
$54.12 after Raymond James upgrades to "strong buy" from
"outperform"
    ** Brokerage says co to benefit from bioenergy as a
replacement for coal; says there is market misunderstanding that
co's business is not in keeping with environmental, social and
governance (ESG) themes
    ** Raymond James holds PT of $80 on EVA; "With ~50% upside
to our target price, plus the healthy and growing dividend, we
think that the stock's recent dislocation provides a compelling
entry point" 
    ** Three of 6 brokerages rate the stock "buy" or higher, 3
"hold;" their median PT is $74.5
    ** Up to Monday's close, stock had fallen ~26%, compared
with an about 19% decline in the NYSE composite index  .NYA 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))