Australia-based financial services firm Macquarie Group Ltd. (MCQEF) plans to launch an offshore wind energy business in April, a report published by Reuters said. The company’s Green Investment Group (GIG) will launch Corio Generation with a global project pipeline of 15 gigawatts.
Jonathan Cole, who led the offshore wind business of Spanish electric utility firm Iberdrola for over 10 years, will be Corio’s CEO.
The business will be based in the U.K. with offices in Edinburgh and London. It will have operations in Australia, Taiwan, South Korea, Japan and several European nations.
Headquartered in Sydney, Macquarie provides banking, financial, advisory, investment, and funds management services. With more than A$737 billion in assets under management, it has a team of 17,000 people working in 33 countries.
GIG’s green energy projects can generate up to 35 gigawatts of power.
Wall Street’s Take
Last month, Jefferies (NYSE: JEF) analyst Brian Johnson upgraded the rating on the stock to Buy from Hold with a $163.93 price target (23.3% upside potential).
Johnson said, “Macquarie’s business mix and revenue recognition justify a premium to peers.”
Moreover, Ed Henning of CLSA maintained a Buy rating on Macquarie and raised the price target to $170.16 (28% upside potential).
Based on 2 Buys and 1 Hold, the stock has a Moderate Buy consensus rating. The average Macquarie Group price target of $162.36 implies 22.1% upside potential from current levels. Shares have gained 18.1% over the past year.
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