As previously reported, Seaport Research analyst Angie Storozynski downgraded AES Corp. (AES) to Neutral from Buy with no price target. While noting that the company plans to add 5GW gross in solar and storage capacity annually and contending that AES is well-positioned to benefit from AI-related load growth in the U.S. given the company’s strong relationship on solar and storage projects, the firm is stepping to the sidelines given its view that the stock’s “rich multiple already reflects the value of AES’s existing renewables assets and its growth pipeline” after a six-month rally. However, the firm adds that it continue to prefer AES to NextEra Energy (NEE) on valuation and the financing structure of existing renewable power projects.
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