TD Securities analyst Sean Steuart downgraded Algonquin Power to Hold from Buy with a price target of $10, down from $13, after the company reported Q3 adjusted EPS below his forecast and the consensus forecast and also reduced 2022 EPS guidance. Friday’s 19% decline in share price was "extreme," but warranted given deteriorating growth prospects given that management is reassessing long-term growth targets with a downward bias, Steuart tells investors in a research note.
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