BMO Capital Markets on Monday maintained its outperform rating on the shares of ATCO (ACO.X.TO) while raising its price target to C$63.00 from C$61.00 as it resumed coverage following a restructuring of the company's share structure.

"We are resuming coverage of ACO.X following the completion of its arrangement to exchange Class II shares (non-controlling) to Class I shares to improve trading liquidity and capital structure simplification. While we were on restriction, the company reported strong Q3/25 results and is tracking on capex execution, regulatory proceedings, and new business development (esp. at ATCO Structures). With the attractive potential total return of ~22% and relative value (~11x P/E vs. utility at ~19x), we believe risk/reward is still tilted more to the positive (target to $63 vs. $61).

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