Raymond James Issues Pessimistic Forecast for Innergex Renewable Energy (TSE:INE) Stock Price

Innergex Renewable Energy (TSE:INE) had its price target lowered by stock analysts at Raymond James from C$13.00 to C$11.50 in a research note issued to investors on Monday,BayStreet.CA reports. Raymond James’ price target would indicate a potential downside of 14.69% from the stock’s previous close.

Several other analysts have also recently issued reports on INE. National Bankshares cut their price objective on Innergex Renewable Energy from C$17.00 to C$16.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. CIBC lowered their target price on Innergex Renewable Energy from C$11.50 to C$11.00 in a research report on Thursday, November 7th. Cormark lowered their target price on Innergex Renewable Energy from C$10.00 to C$9.50 in a research report on Thursday, January 30th. TD Securities increased their price target on Innergex Renewable Energy from C$8.00 to C$9.00 and gave the company a “hold” rating in a research note on Friday, February 21st. Finally, Scotiabank decreased their price target on Innergex Renewable Energy from C$11.50 to C$10.50 in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of C$11.63.

Innergex Renewable Energy Trading Up 54.8 %

Shares of INE opened at C$13.48 on Monday. The company has a market capitalization of C$2.76 billion, a P/E ratio of -21.62, a P/E/G ratio of 20.61 and a beta of 0.36. Innergex Renewable Energy has a one year low of C$6.98 and a one year high of C$13.53. The company has a debt-to-equity ratio of 620.44, a quick ratio of 0.58 and a current ratio of 0.56. The stock has a 50-day moving average price of C$7.90 and a 200 day moving average price of C$8.82.

Innergex Renewable Energy Company Profile

For over 30 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity, which led to Innergex being recognized as Canada’s best corporate citizens in 2023 by Corporate Knights. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world.