Alterra Power Gets a Buy Rating from Canaccord Genuity

By Carrie Williams

Today, an analyst has provided a rating update for the Utilities sector company, Alterra Power (TSX: AXY). The company received a Buy rating from Canaccord Genuity’s analyst David Galison, with a C$6.75 price target.

According to TipRanks.com, Galison is a 4-star analyst with an average return of 7.8% and a 71.3% success rate. Galison covers the Basic Materials sector, focusing on stocks such as Inter Pipeline Ltd, Concho Resources, and Pembina Pipeline.

Alterra Power has an analyst consensus of Moderate Buy, with a price target consensus of C$6.38.

Based on Alterra Power’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$24.08 million and GAAP net loss of C$7.22 million. In comparison, last year the company earned revenue of C$20.51 million and had a GAAP net loss of C$5.18 million.

Alterra Power Corp. is a renewable energy company. It engages in the ownership, operation, development and acquisition of renewable power projects. The company was founded on May 13, 2011 and is headquartered in Vancouver, Canada.

The company’s shares closed last Friday at $5.45.