Ameresco price target lowered to $28 from $30 at Baird

Baird lowered the firm’s price target on Ameresco to $28 from $30 and keeps an Outperform rating on the shares. The firm said they continue to believe demand for energy efficiency projects is strong as evidenced by its growing backlog; however, they are wary of longer conversion times and potential labor shortages impacting results. Management expects Q1 to be the weakest of 2024 due to seasonality in the business and noted that it built in an added degree of conservatism for the full year.