RBC Capital Cuts EverGen Infrastructure Price Target By 16%

EverGen Infrastructure Corp EVGN price target has been lowered to C$5 from C$6 by RBC Capital analyst Nelson Ng.

The analyst maintained the Outperform rating on the shares.

The analyst states that EverGen has a number of near-term opportunities across Canada to grow its RNG production capacity significantly.

Ng believes the market is waiting for additional details with respect to the timing, cost, and project economics. Given the potential capital required to build out its pipeline, particularly in the current inflationary environment, he believes another focus would be the company's funding approach.

The analyst lowered the price target to reflect the uncertainty around the timing, cost, and funding approach of the near-term RNG developments.

Price Action: EVGN shares are trading lower by 1.33% at C$2.96 on the last check Thursday.

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