BofA downgraded AES Corp. to Neutral from Buy with a price target of $23, down from $24. The firm sees a series of more cautious data points following the Analyst Day, including the departure of the head of U.S. renewables during a critical ramp in development, and finds “concerning” the focus on equity issuance over monetizing the remaining fossil and thermal portfolio and/or a growing renewables portfolio, the analyst tells investors in a research note. AES’s 2GW acquisition last week also screens cautious given management’s stated 61GW pipeline and 11.3GW backlog, the firm said.
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