Ameresco price target lowered to $35 from $37 at Piper Sandler

Piper Sandler analyst Kashy Harrison lowered the firm’s price target on Ameresco to $35 from $37 and keeps an Overweight rating on the shares following a mixed update from the company. EBITDA missed given SCE cost overruns, which also reduced FY24 EBITDA guidance by 2%. Ameresco also announced further SCE delays. Despite the lack of SCE cash tailwinds, the company’s adjusted CFO still improved significantly quarter-over-quarter and corporate leverage inched lower, Piper adds.