CIBC Forecasts Strong Price Appreciation for TransAlta (TSE:TA) Stock

Key Points

• CIBC has increased its target price for TransAlta's stock from C$20.00 to C$26.00, indicating a potential upside of 9.66% from its previous close.
• TransAlta has received positive ratings from multiple analysts, with seven issuing a Buy rating and one a Strong Buy rating, contributing to a consensus rating of Buy.
• The stock reached a trading price of C$23.71, with a market capitalization of C$7.03 billion and a notable 1 year price range between C$11.16 and C$24.37.

TransAlta (TSE:TA - Get Free Report) NYSE: TAC had its target price increased by CIBC from C$20.00 to C$26.00 in a research report issued on Monday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. CIBC's target price points to a potential upside of 9.66% from the stock's previous close.

A number of other research analysts have also recently commented on the company. TD Securities upped their price objective on TransAlta from C$19.00 to C$20.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Scotiabank raised TransAlta from a "hold" rating to a "strong-buy" rating and upped their price objective for the stock from C$16.00 to C$20.00 in a research report on Friday, July 18th. National Bankshares upped their price objective on TransAlta from C$16.00 to C$17.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Jefferies Financial Group upped their price objective on TransAlta from C$20.00 to C$27.00 and gave the stock a "buy" rating in a research report on Tuesday, October 14th. Finally, ATB Capital upped their price objective on TransAlta from C$18.00 to C$20.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of C$21.44.

TransAlta Price Performance

Shares of TransAlta stock traded up C$0.51 on Monday, hitting C$23.71. The company's stock had a trading volume of 967,874 shares, compared to its average volume of 1,757,734. The company has a debt-to-equity ratio of 229.66, a quick ratio of 0.62 and a current ratio of 0.74. TransAlta has a 1 year low of C$11.16 and a 1 year high of C$24.37. The firm has a fifty day moving average price of C$18.62 and a 200-day moving average price of C$15.65. The company has a market capitalization of C$7.03 billion, a price-to-earnings ratio of -43.91, a price-to-earnings-growth ratio of -0.07 and a beta of 0.73.

About TransAlta

TransAlta is an independent power producer based in Alberta, Canada. The company operates a diverse and growing fleet of electrical power generation assets in Canada, the United States, and Australia consisting of hydro, wind, solar, battery storage, gas and energy transition facilities. The majority of the company's revenues are derived from the sale of generation capacity, electricity, thermal energy, environmental attributes, and byproducts of power generation.

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