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

Key Points

• TD Securities raised the price target for TransAlta (TSE:TA) from C$19.00 to C$20.00, indicating a potential upside of 20.05% from the stock's previous close and maintaining a "buy" rating.
• Contrarily, other firms like Desjardins and National Bank have cut their target prices on TransAlta, reflecting a mix of ratings, with one hold, six buy, and two strong buy ratings currently.
• As of midday trading, TransAlta shares were down 2.5% at C$16.66, with the stock operating within a 52-week range of C$10.43 to C$21.22.

TransAlta (TSE:TA - Free Report) NYSE: TAC had its price objective increased by TD Securities from C$19.00 to C$20.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

Several other analysts also recently weighed in on the company. Desjardins lowered their price objective on TransAlta from C$16.00 to C$14.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Jefferies Financial Group upgraded TransAlta from a "hold" rating to a "buy" rating and boosted their price objective for the company from C$12.00 to C$20.00 in a research report on Thursday, June 12th. ATB Capital boosted their price objective on TransAlta from C$18.00 to C$20.00 and gave the company an "outperform" rating in a research report on Tuesday. Royal Bank Of Canada lowered their price objective on TransAlta from C$23.00 to C$20.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Finally, National Bankshares lowered their price objective on TransAlta from C$20.00 to C$16.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, TransAlta currently has a consensus rating of "Buy" and a consensus price target of C$19.22.

TransAlta Price Performance

TA traded up C$0.12 during midday trading on Tuesday, hitting C$16.63. The stock had a trading volume of 1,838,420 shares, compared to its average volume of 1,871,473. The company has a market cap of C$4.99 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of -0.07 and a beta of 0.93. The business has a fifty day moving average of C$15.51 and a 200 day moving average of C$14.30. 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$10.95 and a 1 year high of C$21.22.

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.