10:38 AM EST, 02/26/2025 (MT Newswires) -- Innergex Renewable Energy's ( INGXF ) price target has been dropped to $13.75 from $16 while its stock rating was lowered to Sector Perform from Outperform, National Bank of Canada said in a Tuesday note after INE received a take-over offer from CDPQ.

The revision comes as Innergex entered a definitive agreement to be acquired by Caisse de depot et placement du Quebec for $13.75 per share.

The price target was lowered to in line with the offer price and implies an 8.75% equity discount rate, versus the previous discount at 8% or $16 per share, the bank said.

The rating also reflects Innergex's 4.7% return to target.

Although Innergex could be worth more, National Bank believes the offer would be hard to ignore given the company's recent trading activity well below $8 per share.

Innergex's share price was down 0.2% at last look to $13.45 on the TSX.

Price: 13.45, Change: -0.03, Percent Change: -0.22