UBS is initiating coverage of renewable energy company Ameresco with a buy rating, saying the firm stands to benefit from the Inflation Reduction Act.
UBS is initiating coverage of a key renewable energy company with a buy rating thanks to projects it's involved in that will benefit from the Biden administration's environmental efforts. The firm has a price target of $60 on Ameresco , which represents 47% upside against the stock's Monday closing price of $40.78. So far this year, the company has lost about 18%.
mountain Shares of energy company Ameresco have declined roughly 18% from the start of 2023. "In the short-term, we see potential for project pushouts as customers await Treasury Department clarity on the mechanics of specific IRA provisions, and assess the potential impacts on project economics in tandem with higher interest rates," Grippin said. "While this presents a near-term risk for AMRC, we ultimately expect the IRA to drive increased demand and lower project costs.
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