Algonquin Power price target lowered to $8 from $12 at RBC Capital

RBC Capital analyst Nelson Ng lowered the firm’s price target on Algonquin Power to $8 from $12 and keeps a Sector Perform rating on the shares. FERC’s denial of the Kentucky Power acquisition provides the company with some optionality which could work out in shareholders’ favor, though his price target also reflects a more conservative view on valuation given the uncertainties heading into 2023, the analyst tells investors in a research note.