Atlantica Sustainable Infrastructure price target lowered to $20 from $24 at BMO Capital

BMO Capital lowered the firm’s price target on Atlantica Sustainable Infrastructure to $20 from $24 and keeps a Market Perform rating on the shares. The company’s FY23 adjusted EBITDA topped consensus and was also modestly better than updated guidance from the Q3 call calling for results to be below the low end of its $790-$850M guidance range, though the firm adjusts its valuation “to market”, the analyst tells investors in a research note. Atlantica’s is “highly contracted”, with a global renewables footprint, but the stock also looks “fairly valued” vs. its peers, the firm adds.