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KeyCorp began coverage on shares of Pattern Energy Group (NASDAQ:PEGI) in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $34.50 price target on the stock. KeyCorp’s price target points to a potential upside of 6.81% from the stock’s previous close.

The analysts wrote, “We are initiating coverage of Pattern Energy Group Inc. (PEGI-NASDAQ) with a BUY rating and $34.50 price target as we view the business and industry favorably given the Company’s focus on renewable energy projects. “Currently, we see a disconnect between PEGI’s valuation and its peer group given that we believe investors are overly discounting its management team’s expertise, its relationship with Pattern Development, and its ROFO portfolio when comparing the Company to its peers. At the current valuation, we believe shares are at attractive levels given the Company’s risk profile. We believe investors should be BUYERS of PEGI shares as we view current levels are at an attractive entry point. In our view, we believe investors of PEGI are well positioned to benefit from positive headline news as the Company grows its ROFO portfolio and as the Company executes on additional project drop-downs. “Lastly, we view monetary policy more favorably as we believe Federal Reserve Chairwoman Janet Yellen has been very forthcoming on her intentions around monetary policy with no imminent changes.”

Separately, analysts at CIBC initiated coverage on shares of Pattern Energy Group in a research note on Thursday, May 1st. They set an “outperform” rating and a $31.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Pattern Energy Group has a consensus rating of “Buy” and a consensus price target of $31.50.

Pattern Energy Group (NASDAQ:PEGI) traded down 0.19% during mid-day trading on Monday, hitting $32.24. The stock had a trading volume of 180,407 shares. Pattern Energy Group has a one year low of $22.26 and a one year high of $32.40. The stock’s 50-day moving average is $29.66 and its 200-day moving average is $28.3. The company has a market cap of $1.151 billion and a price-to-earnings ratio of 482.09.

Pattern Energy Group (NASDAQ:PEGI) last released its earnings data on Friday, May 2nd. The company reported ($0.20) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.96 by $1.16. The company had revenue of $49.50 billion for the quarter, compared to the consensus estimate of $57.18 billion. Analysts expect that Pattern Energy Group will post $0.37 EPS for the current fiscal year.

Pattern Energy Group Inc is an independent power company focused on owning and operating power projects.

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