Clearway Energy price target lowered to $27 from $34 at Evercore ISI

Evercore ISI lowered the firm’s price target on Clearway Energy to $27 from $34 and keeps an Outperform rating on the shares, calling the stock “an attractive alternative” in light of peer yieldco developments that is “comfortably on its way to deliver its dividend targets.” The firm believes Clearway is “well on its way” to delivering 7%-8% linear dividend growth per year through 2026 without external equity issuance or “much external financing at all.” In addition, the firm thinks the company could extend this outlook through 2027 or beyond on its third quarter call, the analyst tells investors.