BMO Capital Markets on Friday maintained its outperform rating on the shares of AltaGas (ALA.TO) while raising its price target to C$43.00 from C$40.00 following the company's first-quarter results.

"Q1/25 results highlight once again another quarter of rising WCSB midstream volumes (+8%), de-risked cash flows, utility optimization, and momentum on new growth initiatives particularly at its strategically positioned Cdn West Coast LPG export footprint. No doubt ALA shares have performed well this year and total return to our revised target of $43 (vs. $40) is now more modest, but valuation still remains attractive (~16.5x P/E vs. utility at ~19.5x and midstream ~17.5x) and more growth upside is likely. Accordingly, we maintain our Outperform rating," analyst Ben Pham wrote.

(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: 40.16, Change: -0.06, Percent Change: -0.15