Ameresco downgraded to Neutral from Outperform at Baird

Baird downgraded Ameresco (AMRC) to Neutral from Outperform with a price target of $13, down from $25. The firm believes sustainable energy and mobility outlooks for Q2 and the second half of 2025 will likely be “muted” given the uncertainty in global markets. The firm believes Ameresco’s guidance coming in well below consensus on earnings will weigh on shares in the near term. Cost overruns were a negative to Q4 gross margins and management discussed project pauses due to uncertainty in the federal government, the analyst tells investors in a research note.