Scotiabank Cuts Boralex (TSE:BLX) Price Target to C$39.00

Boralex (TSE:BLX) had its price target reduced by Scotiabank from C$41.00 to C$39.00 in a research report issued on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 50.23% from the company’s current price.

Several other brokerages also recently weighed in on BLX. CIBC decreased their target price on shares of Boralex from C$37.00 to C$36.00 in a research note on Wednesday. Desjardins decreased their price objective on Boralex from C$45.00 to C$43.00 and set a “top pick” rating for the company in a research report on Tuesday, October 28th. Finally, Royal Bank Of Canada cut their price target on Boralex from C$38.00 to C$36.00 in a research note on Monday, November 10th. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of C$38.44.

Boralex Stock Performance

TSE BLX traded down C$0.85 on Wednesday, reaching C$25.96. The stock had a trading volume of 591,924 shares, compared to its average volume of 436,694. The stock has a market cap of C$2.67 billion, a P/E ratio of -118.00, a price-to-earnings-growth ratio of 2.01 and a beta of 0.44. Boralex has a 12-month low of C$23.48 and a 12-month high of C$33.30. The business’s 50-day moving average price is C$25.46 and its 200 day moving average price is C$27.83. The company has a debt-to-equity ratio of 233.60, a quick ratio of 1.54 and a current ratio of 0.86.

Boralex (TSE:BLX) last announced its earnings results on Friday, November 7th. The company reported C($0.26) EPS for the quarter. The business had revenue of C$157.00 million during the quarter. Boralex had a net margin of 7.55% and a return on equity of 4.29%. As a group, equities analysts expect that Boralex will post 1.3383764 earnings per share for the current year.

About Boralex

Boralex Inc is an electric utility company involved in the development, construction, and operation of renewable energy power facilities. The company controls a portfolio of electricity producing plants that utilize wind, hydroelectric, thermal, and solar fuel sources. Most of Boralex’s plants rely on wind power, while a significant number also employ hydroelectric power. The company generates the vast majority of its revenue from the sale of energy through long-term contracts to customers in Canada, France, and the United States.