BofA analyst Julien Dumoulin-Smith raised the firm’s price target on AES Corp. to $17 from $15 and keeps a Neutral rating on the shares. Following the company’s Q3 update, the firm says management “delivered several constructive data points on the outlook,” including having increased the asset sales target to at least $3.5B through 2027. Management also stressed it will not issue equity at or near current share price levels and in any event not before 2026 and the firm sees a de-emphasis on equity issuances as “clearly supportive to shares,” but still thinks accelerated divestment plans raise questions on earnings cadence.
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Read More on AES:
- AES Corp. price target raised to $18 from $17 at Barclays
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- AES Corp. backs annualized adjusted EPS growth target of 6%-8% through 2027
- AES Corp. now sees 2023 adjusted EPS in top half of $1.65-$1.75 view
- AES Corp. reports Q3 EPS 60c, consensus 55c