CIBC Capital Markets reiterated its neutral rating on the shares of Hydro One (H.TO) while bumping its price target to C$59.00 from $58.00 following the company's first-quarter results.
Hydro One's results reinforce the company's strong positioning, with earnings momentum tracking toward the upper end of its 6%-8% medium-term earnings per share growth target, CIBC said.
The company recorded an uptick in near-term distribution capex, and the medium-term to longer-term investment outlook remains strong buoyed by many transmission projects, according to CIBC.
Price: $59.17, Change: $+0.40, Percent Change: +0.68%