Morgan Stanley analyst Stephen Byrd upgraded Altus Power to Overweight from Equal Weight with a $12 price target. The analyst believes Altus Power will continue to serve as a "market-leader" in distributed solar development, which he says poised to grow significantly, supported by rising utility bills, rising grid instability, customer demands for price certainty and corporate decarbonization goals. Altus Power shares have sold off 51% since its highs in September and are trading at a 50% discount to peers despite its strong revenue growth and stronger-than-peer EBITDA margin profile, Byrd tells investors in a research note.
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