Atlantica Sustainable Infrastructure price target lowered to $25 from $27 at BMO Capital

BMO Capital lowered the firm’s price target on Atlantica Sustainable Infrastructure to $25 from $27 and keeps a Market Perform rating on the shares. Based on the announced capital projects to date and allocated for 2024, BMO’s 2023 and 2024 EBITDA estimates go lower to $815M from $845M and to $840M from $885M, the analyst tells investors in a research note. The firm adds however that Atlantica’s highly contracted, global renewables footprint, strong visibility on CAFD growth, and hedging practices create a stable investment profile in a thematically attractive and growing industry.