CIBC Lifts BEP Target, Highlights Valuation Opportunity in Power

Brookfield Renewable Partners L.P. (NYSE:BEP) is included among the 10 Canadian Stocks with Highest Dividends.

On April 20, CIBC analyst Mark Jarvi raised the firm’s price recommendation on Brookfield Renewable Partners L.P. (NYSE:BEP) to $40 from $37. It reiterated an Outperformer rating on the shares. In its Q1 Power & Utilities preview, the firm said most regulated utilities are likely to meet or exceed consensus expectations. Results for power names may be more uneven. Even so, CIBC sees “more valuation upside” in the power segment, while suggesting that investors “should hold a balance of Power names and Regulated Utilities.”

On April 16, JPMorgan raised its price target on BEP to $40 from $34. It maintained an Overweight rating. The update came as part of the firm’s Q1 preview for the clean energy and power infrastructure group. JPMorgan described the current backdrop as a “catalyst-rich environment,” supported by data center contract announcements and rising order volumes, which are expected to “buoy sentiment.” The analyst continues to favor companies with meaningful exposure to U.S.-based manufacturing, diversified end markets, and strong balance sheets.

Brookfield Renewable Partners L.P. (NYSE:BEP) operates publicly traded platforms focused on renewable power and decarbonization solutions. Its portfolio includes hydroelectric, wind, utility-scale solar, distributed generation, and storage assets across North America, South America, Europe, and the Asia-Pacific region.

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