RBC Capital Markets and BMO Capital Markets raised their price targets on Emera Inc. (EMA.TO) to $63 from $60 and to $60 from $58, respectively, on Monday.
RBC analyst Maurice Choy, who maintained an Outperform rating on the stock, said the Canadian energy holding company's Q4 results were mixed.
"...We believe Emera's near-term rate base, EPS and DPS growth trajectories remain very much intact, with evidence that risks have also reduced (e.g., approval of its storm restoration cost recovery request; S&P's outlook revision to Stable)," Choy said in a note to clients.
"Ahead, there is more to look forward to, from further de-risking via the closing of the NMGC sale in October, to the delivery of Emera's organic 7-8% rate base CAGR plan that is centered on the favourable Florida jurisdiction," the analyst said.
BMO analyst Ben Pham maintained an Outperform rating on Emera.
"Q4/24 results illustrated that EPS is poised to inflect this year largely on new Tampa Electric rates: our new 2025E EPS points to ~10% growth vs. utility peer averages mid-single digits," Pham said in a note to clients.
"Similarly, rising cash flows and the pending sale of New Mexico Gas by YE should ease credit rating scrutiny (Moody's and Fitch still on Negative outlook) and improve market sentiment," the analyst said.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 57.45, Change: -0.24, Percent Change: -0.42
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