Canaccord Genuity Believes Northland Power (NPI) Still Has Room to Grow

Northland Power (TSX: NPI), the Utilities sector company was revisited today, and remains undervalued for at least one analyst on the street. Analyst David Galison from Canaccord Genuity remains bullish on the stock and has a C$28 price target.

Galison has an average return of 6.2% when recommending Northland Power.

According to TipRanks.com, Galison is ranked #1032 out of 4829 analysts.

Northland Power has an analyst consensus of Strong Buy, with a price target consensus of C$27.33.

Based on Northland Power’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$111 million. In comparison, last year the company had a net profit of C$55.01 million.

Northland Power, Inc. engages in the development, building, owning, and managing wind facilities. It operates through the following segments: Offshore Wind, Thermal, On-shore Renewables, and Other. The Offshore Wind segment comprises Gemini, Nordsee One, and Deutsche Bucht projects. The Other segment includes investment income and administration activities.

The company’s shares closed on Thursday at C$24.23, close to its 52-week high of C$24.76.