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Williams Capital Group initiates coverage of Pattern Energy Group at 'buy'

The Williams Capital Group initiated coverage of Pattern Energy Group Inc. with a "buy" rating and a $28 target price.

In an Oct. 16 investor note, analyst Cynthia Motz described Pattern Energy as a conservative and well-financed company that is positioned to take advantage of positive industry trends. According to Motz, the yieldco has a "nice" wind portfolio and a big right-of-first-offer pipeline that includes solar assets.

"Although we do believe the Company has some near-term challenges, such as preannouncing a weaker than expected 3Q17 and possible 4Q17 storm impacts—and we would always welcome more guidance/communication here—we believe the long-term opportunities available to this more conservative, cerebral yieldco outweigh the negatives," Motz added.