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UBS launches coverage of Pattern Energy

UBS Securities LLC on Sept. 27 initiated coverage ofPattern Energy GroupInc. with a "neutral" rating and a $24 price target.          

While the brokerage views Pattern Energy as reasonablyattractive independent yieldco, the focus is now on its potential transition toa full development company.

"We perceive a wider array of investors as open to thismore sustainable structure, particularly given the uncertainty of the long-termcommitment from a private developer," UBS analyst Julien Dumoulin-Smithsaid.

Pattern Energy's growth pipeline relies on third-partyacquisitions and from its primary shareholder .