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 .