Ameresco initiated with a Buy at UBS

UBS analyst William Grippin initiated coverage of Ameresco with a Buy rating and $60 price target, implying 45% upside potential. The company offers exposure to the energy service company market, which is growing at 10% annually, with upside potential from an increasing base of on-balance-sheet renewable energy assets providing a recurring, stable earnings stream, the analyst tells investors in a research note. The firm says 27% year-to-date decline in Ameresco shares provides investors with an attractive entry point.