CIBC analyst Mark Jarvi raised the firm’s price target on Clearway Energy (CWEN) to $37 from $35 and keeps a Neutral rating on the shares. With Q3 results, the firm expects Regulated Utilities to meet or exceed consensus given generally solid loads and new rates. Additionally, CIBC expects generally softer results for Power companies given less favorable generation trends in key regions and muted realized pricing trends for most. While Q3 results likely favor Utilities, the firm still likes the Power names more from an investment landscape given some better momentum, plus more growth and valuation upside. That said, markets and credit spreads have been more volatile – as such, investors should still hold some regulated exposure for a defensive hedge.
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