Ameresco price target lowered to $64 from $76 at Oppenheimer

Oppenheimer lowered the firm’s price target on Ameresco to $64 from $76 on valuation, while keeping an Outperform rating on the shares. The firm notes shares traded down after hours Monday following Amerescos’ below-consensus Q4 miss and Q1 2023 guidance, reflecting timing delays for both Projects and Assets segments. However, full year 2023 EBITDA guidance, though back-weighted, was in line with the Street and reflects line of sight to key projects’ mid-year completion, Oppenheimer adds.