CIBC Downgrade TransAlta Stock (NYSE: TAC) Outlook But Raise Price Target
TransAlta Corporation (NYSE: TAC), an independent power producer, has seen significant movement in its stock price today. The company’s shares have fallen by 4.71%, trading at $12.96. This decline follows an updated evaluation by CIBC World Markets, with the analyst downgrading TransAlta from Outperformer to Neutral based on valuation concerns.
Despite this, CIBC raised the price target from C$17 to C$23, emphasizing that the downgrade was purely a valuation call after the stock more than doubled in the last six months, and not due to any changes in their investment thesis or perception of the company’s strategic direction.
CIBC’s analyst highlighted that the rationale behind the downgrade was strictly based on the recent performance…
