Altus Power initiated with a Buy at Seaport on ‘strong’ operations and brand

As previously reported, Seaport Research analyst Jeff Campbell initiated coverage of Altus Power with a Buy rating and $6.50 price target. Altus at its “core” is a solar power generator that sells to customers at a discount to utility retail power prices, though the company is unique in its focus on commercial, industrial, and community solar as end-markets. The company owns the generation assets it builds, selling power under long-dated power purchase agreements, or PPAs, which generate free cash, support investment-grade debt ratings, and make Altus an “attractive acquirer of operating solar assets,” the analyst tells investors.