Boralex (TSE:BLX) Price Target Cut to C$35.00 by Analysts at Scotiabank

Key Points

• Scotiabank has lowered its price target for Boralex from C$36.00 to C$35.00 while maintaining a "sector perform" rating, suggesting an upside potential of 18.56% from its previous close.
• BMO Capital Markets has also decreased their target price to C$39.00, while other firms like National Bank have raised their target to C$43.00, reflecting a mixed outlook for the stock.
• Despite recent changes in price targets, Boralex has a consensus rating of "Buy" and a consensus target price of C$38.89, indicating overall optimism among analysts.

Boralex (TSE:BLX - Get Free Report) had its price objective lowered by stock analysts at Scotiabank from C$36.00 to C$35.00 in a research note issued on Monday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 18.00% from the stock's current price.

A number of other brokerages have also recently commented on BLX. Raymond James Financial raised shares of Boralex to a "moderate buy" rating in a research note on Thursday, May 15th. National Bank Financial raised Boralex to a "strong-buy" rating in a research note on Sunday, June 8th. Desjardins set a C$45.00 target price on Boralex and gave the stock a "top pick" rating in a research note on Wednesday, June 18th. TD Securities raised their target price on Boralex from C$35.00 to C$38.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Finally, BMO Capital Markets lowered their price target on Boralex from C$42.00 to C$39.00 in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Boralex has a consensus rating of "Buy" and a consensus target price of C$38.89.

Boralex Stock Up 0.4%

TSE:BLX traded up C$0.13 during mid-day trading on Monday, hitting C$29.66. 41,716 shares of the company's stock traded hands, compared to its average volume of 327,337. Boralex has a twelve month low of C$24.40 and a twelve month high of C$36.63. The company has a market capitalization of C$3.09 billion, a P/E ratio of 43.48, a P/E/G ratio of 2.01 and a beta of 0.46. The company has a debt-to-equity ratio of 233.60, a quick ratio of 1.54 and a current ratio of 0.86. The company has a fifty day moving average of C$31.65 and a 200 day moving average of C$29.78.

Boralex Company Profile

Boralex Inc is an electric utility company involved in the development, construction, and operation of renewable energy power facilities. The company controls a portfolio of electricity producing plants that utilize wind, hydroelectric, thermal, and solar fuel sources. Most of Boralex's plants rely on wind power, while a significant number also employ hydroelectric power.