National Bank of Canada on Wednesday reiterated its sector-perform rating on the shares of Hydro One (H.TO) while raising its price target to C$56.00 from $55.00 following the company's first-quarter results.
The bank raised the price target after incorporating the company's incremental capex guidance through 2027, as well as the Red Lake Transmission Line within longer-term estimates.
Hydro One booked adjusted earnings of C$0.65 per share in the first quarter, compared to National Bank's estimate of $0.66 per share and the Street forecast of $0.63 per share.
Price: $59.08, Change: $+0.31, Percent Change: +0.53%