TransAlta upgraded to Outperform from Sector Perform at National Bank

National Bank analyst Patrick Kenny upgraded TransAlta to Outperform from Sector Perform with a price target of C$15, up from C$14. With "strong merchant cash flows driving a much cleaner balance sheet" and 10% valuation upside related to its Clean Electricity Growth Plan, the shares have positive catalysts in 2023, the analyst tells investors in a research note.