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Investing.com - RBC Capital upgraded Capital Power Corp . (TSX:CPX) (OTC:CPXWF) from Sector Perform to Outperform on Thursday, while raising its price target to C$67.00 from C$65.00.
The upgrade follows a 7% share price decline after Capital Power’s Q2/25 results, which RBC described as an "unwarranted" reaction that represented a 10% underperformance compared to industry peers.
RBC expressed bullishness on North America’s power demand outlook, suggesting investors will benefit from stronger Alberta power prices, potential PJM market improvements, and further deployment of growth capital.
The firm noted that while securing gigawatt-scale data centers at the company’s Genesee facility would be positive, it is "not essential for the stock to work" according to their analysis.
RBC also indicated Capital Power could see favorable rerating toward its U.S. independent power producer peers if the company continues to increase its U.S. market exposure.
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