Baird analysts reiterated their Outperform rating and a $32 price target on Ameresco (NYSE:AMRC), designating it as a Bullish Fresh Pick through its Q3 reporting date.
The analysts see the company’s energy asset additions in 2024 and beyond driving earnings above current expectations in the medium to long term. Recent delays, including with the SoCal Edison project, have contributed to investor fatigue, creating what the analysts view as a buying opportunity. The completion of the SoCal project, expected in late Q3, is identified as a near-term catalyst for the stock.