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Stock analysts at Canaccord Genuity initiated coverage on shares of Abengoa Yield PLC (NYSE:ABY) in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $49.00 price target on the stock. Canaccord Genuity’s price objective would suggest a potential upside of 31.02% from the company’s current price.

Abengoa Yield PLC (NYSE:ABY) traded up 0.03% on Tuesday, hitting $37.40. The stock had a trading volume of 667,665 shares. Abengoa Yield PLC has a 52 week low of $35.00 and a 52 week high of $40.61. The stock’s 50-day moving average is $37.72 and its 200-day moving average is $37.72. The company’s market cap is $2.953 billion.

Abengoa Yield plc is formed to serve as the primary vehicle through which Abengoa, SA (NYSE:ABY) will own, manage and acquire renewable energy, conventional power and electric transmission lines and other contracted revenue-generating assets, initially focused on North America (the United States and Mexico) and South America (Peru, Chile, Uruguay and Brazil), as well as Europe (Spain).

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