Ameresco Inc Shares Get Bullish Forecast from Baird Research Firm
Ameresco Inc (NYSE:) has received a positive outlook from Baird equity research firm, which reaffirmed an Outperform rating and a $32.00 price target. The firm believes Ameresco's Energy Assets addition in 2024 and beyond will boost earnings, exceeding current estimates in the medium to long term.
The firm's optimism is fueled by the upcoming completion of a major project with Southern California Edison in the third quarter, seen as a potential catalyst for the company's stock performance. Despite hurdles, Ameresco's stock is expected to gain momentum post the project completion.
With a focus on long-term growth in clean energy, Ameresco has been making strides in the renewable energy sector. Recent partnerships and projects have shown promising results, with the company reporting significant revenue growth and backlog increase.
Although Ameresco adjusted its fiscal year 2024 EBITDA guidance due to cost overruns, the overall outlook remains positive. The firm's reiteration of the Outperform rating and price target is based on the belief that Ameresco's strategic energy assets additions will lead to sustainable earnings growth.
In conclusion, Ameresco's future looks bright with its focus on clean technology and renewable energy. Investors can expect potential growth and positive stock performance as the company continues to expand its portfolio and deliver on key projects.