BMO Capital lowered the firm’s price target on NextEra Energy Partners to $47 from $76 but keeps an Outperform rating on the shares. The analyst cites the management reducing its DPU growth outlook to 5%-8% through 2026, also noting that the reduction is commensurate with its lower growth rate outlook and the removal of asset drop down that was initially included in its forecast for 2024. BMO adds however that it remains positive on shares given the attractive portfolio of renewable resources, visible distribution horizon, and constructive financing execution.
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