Ameresco upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Kashy Harrison upgraded Ameresco to Overweight from Neutral with a price target of $64, up from $57. The shares are down 22% year-to-date due to concerns surrounding the company’s second half of the year weighted 2023 guidance and skepticism surrounding the feasibility of its $300M 2024 EBITDA target, the analyst tells investors in a research note. However, Ameresco’s "strong" revenue visibility and historical track record of meeting initial earnings guidance increases confidence in the outlook, contends the firm. It believes the company’s diversified business strategy coupled with the strong demand backdrop creates multiple paths toward achieving the 2024 EBITDA target. Piper likes the stock’s risk/reward at current levels.