CIBC Capital Markets over the weekend outlined changes to price targets of power and regulated utilities equities ahead of the first-quarter earnings season.
CIBC raised its price target for Canadian Utilities (CU.TO) to C$51.00 from C$47.00 given a higher P/E multiple applied to its 2027 earnings estimate. ATCO (ACO-X.TO)'s price target was also increased to C$82 from C$72.
The price targets for Emera (EMA.TO), Fortis (FTS.TO) and Hydro One (H.TO) were each increased by C$1.00, while Algonquin Power & Utilities (AQN.TO)'s price target increased to US$6.50 from US$6.25.
CIBC also boosted Brookfield Renewable Partners' (BEP-UN.TO) price target to US$40.00 from US$37.00 to reflect higher estimates.
According to CIBC, investors should hold a balance of power and regulated utilities equities. Capital Power (CPX.TO) and Brookfield are among the preferred power names while ATCO and Fortis are the preferred regulated utilities names.
Price: $66.33, Change: $-0.14, Percent Change: -0.22%