Algonquin Power & Utilities Corp . (NYSE:TSX:AQN) has been the subject of significant analyst and investor interest in recent days. On Sunday, July 9th, National Bank Financial raised its FY2024 earnings per share estimates for the utility company. This followed several price target adjustments by other major banks in the previous quarter.
In April, both the Royal Bank of Canada (TSX:RY) (RBC) and TD (TSX:TD) Securities revised their target prices on Algonquin's shares from $8.00 to $9.00, issuing a "sector perform" and a "hold" rating respectively. These adjustments were made on Wednesday, April 12th, and Monday, April 17th.
However, not all analysts were as optimistic about the company's prospects. On Tuesday, April 18th, Bank of America (NYSE:BAC) downgraded Algonquin's shares from a "buy" rating to a "neutral" rating, while also decreasing their price objective from $9.00 to $8.50.
Similarly, on Monday, April 17th, CIBC (TSX:CM) moved Algonquin from a "sector outperform" rating to a "neutral" rating, notably reducing their price objective for the company from $17.00 to $10.00.