Altus Power downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Mark Strouse downgraded Altus Power to Neutral from Overweight without a price target following the company’s’ inaugural analyst day. Altus issued three-year targets materially missing Street revenue and EBITDA expectations, primarily driven by the self-developed project segment, which is currently undergoing an internal strategic review, the analyst tells investors in a research note. The firm believes an attractive merger and acquisition environment could bring upside to the medium-term targets, but says the stock will remain “in the penalty box” until the company formalizes an outcome of the self-development review and shows tangible traction towards execution on the future plan.