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Investing.com - Scotiabank (TSX:BNS) downgraded Boralex Inc. (TSX:BLX) from Sector Outperform to Sector Perform while maintaining a price target of C$36.00, citing recent share price gains and limited catalysts for the second half of the year.
The Canadian renewable energy company, which also trades over-the-counter in the U.S. (OTC:BRLXF), continues to be viewed by Scotiabank as a high-quality renewable developer with an attractive asset base and strong growth outlook.
Despite these positive attributes, the downgrade reflects Scotiabank’s assessment that Boralex has fewer potential catalysts in the remainder of the year compared to other companies in its power coverage universe.
Scotiabank’s C$36 price target implies an 11.4x EV/2027E EBITDA multiple, which represents a significant premium to most of the firm’s coverage group.
The maintained price target alongside the rating downgrade suggests Scotiabank believes the stock has reached a fair valuation following its recent gains.
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