Maxim Group analyst Tate Sullivan has maintained their bullish stance on AMPS stock, giving a Buy rating on May 15.
Tate Sullivan has given his Buy rating due to a combination of factors including Altus Power’s solid growth projections and strategic partnerships. Despite a reduction in the 2025 revenue and EBITDA forecasts, the company’s guidance for 2026 suggests a robust average annual growth rate exceeding 20% from 2023 to 2026. This growth is supported by a reaffirmed 2024 guidance indicating significant year-over-year increases. Sullivan also points to the company’s financial position, which features substantial available capacity on credit facilities and a healthy amount of unrestricted cash, thus positioning Altus Power favorably for capital expenditure growth and potential acquisitions.
Furthermore, Sullivan’s assessment acknowledges the potential for Altus Power to benefit from increasing electricity demand and rising power prices, which should contribute to revenue growth at an annual rate above 20%. Additionally, the potential for reduced solar panel costs and the Inflation Reduction Act (IRA) tax credits for domestic panel purchases could improve margins. The company’s market position in the commercial and industrial solar sector, aided by its partnership with Blackstone, offers access to cost-effective and longer-term capital. Moreover, the ongoing efforts to optimize the project pipeline through collaboration with CBRE enhance the prospects of closing on high-potential opportunities, adding to the rationale behind the Buy rating.
In another report released on May 15, B.Riley Financial also maintained a Buy rating on the stock with a $6.00 price target.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is neutral on the stock.
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Altus Power (AMPS) Company Description:
CBRE Acquisition Holdings Inc is a blank check company.
