Ameresco price target lowered to $55 from $67 at Oppenheimer

Oppenheimer analyst Noah Kaye lowered the firm’s price target on Ameresco to $55 from $67 and keeps an Outperform rating on the shares. The firm cites valuation trends and industry-wide asset timing considerations. Oppenheimer expects Ameresco to report healthy awarded backlog trends, and believes the demand backdrop remains robust with ESPC and RNG projects able to absorb higher cost of capital, while the company’s energy storage pipeline has expanded significantly across multiple channels.