National Bank lowered the firm’s price target on Northland Power to C$37 from C$40 and keeps an Outperform rating on the shares. The analyst is updating the firm’s model with an increase to the discount rate to 7.75% from 7.5% given the higher 10-year bond yield forecast for 2024. The firm adds however that progress towards financial close on Baltic Power could come soon and could help to lift the stock.
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