Oppenheimer downgraded Ameresco to Perform from Outperform without a price target. The company missed Q3 consensus estimates on project delays and energy asset downtime while lowering implied Q4 guidance and fiscal 2024 EBITDA targets, the analyst tells investors in a research note. The firm says the magnitude of cuts speaks to broad-based lengthening of construction and project sales cycles. It cites elevated execution risk and investors increasingly focused on free cash flow generation for the downgrade.
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