As previously reported, BofA downgraded Ameresco to Neutral from Buy with a price target of $37, up from $29. With shares up about 65% from the multi-year low seen in early November, the firm views the stock as “fairly valued,” the analyst tells investors. However, the firm notes that it still sees a favorable backdrop for Ameresco to grow EBITDA at its 20% annual long-term target with an awarded backlog of $2.5B.
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