TD Securities analyst Sean Steuart raised the firm’s price target on Algonquin Power (AQN) to $9 from $8 and keeps a Hold rating on the shares. The analyst adjusted estimates to exclude the proposed $2.6B acquisition of Kentucky Power from American Electric Power (AEP). With the April 26 outside date for the agreement approaching, the proposed transaction was not included in the April 13 "Sunshine Notice" list from the U.S. Federal Energy Regulatory Commission ahead of the next regular meeting on April 20, the analyst tells investors in a research note. While this does not preclude FERC from approving the acquisition outside the regular process or both parties extending the outside date pending revised valuation parameters, the odds of the transaction progressing are low, says the firm. It views Algonquin shares as fairly valued following the recent rally.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on AQN:
- Algonquin Power backs FY23 adjusted EPS view 55c-61c, consensus 59c
- Algonquin Power, American Electric terminate stock purchase agreement
- Algonquin Power & Utilities Corp. and American Electric Power Mutually Agree to Terminate Kentucky Power Transaction
- Algonquin Power price target raised to $9 from $8 at RBC Capital
- Largest borrow rate increases among liquid names