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Newalta (TSE:NAL) was upgraded by equities research analysts at Mackie from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The firm currently has a C$22.70 target price on the stock, up from their previous target price of C$20.00. Mackie’s price objective would indicate a potential upside of 14.07% from the stock’s previous close.

Newalta (TSE:NAL) traded up 1.51% on Friday, hitting $20.20. 248,613 shares of the company’s stock traded hands. Newalta has a one year low of $14.65 and a one year high of $21.75. The stock has a 50-day moving average of $20.77 and a 200-day moving average of $19.60. The company has a market cap of $1.129 billion and a P/E ratio of 76.54.

Newalta (TSE:NAL) last posted its quarterly earnings results on Friday, August 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.07. Analysts expect that Newalta will post $1.11 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital raised their price target on shares of Newalta from C$21.00 to C$23.00 in a research note on Friday. They now have an “outperform” rating on the stock. Separately, analysts at National Bank Financial raised their price target on shares of Newalta from C$22.00 to C$23.00 in a research note on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Canaccord Genuity raised their price target on shares of Newalta from C$20.00 to C$20.50 in a research note on Friday. They now have a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of C$22.40.

Newalta Corporation (TSE:NAL) is a Canada-based company.

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