11:30 AM EDT, 03/27/2025 (MT Newswires) -- National Bank of Canada on Thursday moved its rating on Innergex Renewable Energy ( INGXF ) to tender from sector perform after the company announced the receipt of interim order in respect of the going-private deal with Caisse de depot et placement du Quebec (CDPQ) a day earlier.

The bank believes $13.75 per share is on the lower end of what the company could be worth, but says the offer is attractive relative to recent share prices and low risk, given the strength of CDPQ. Given the continued discounted value in public independent power producers today, National Bank believes there are more compelling investment opportunities in the market and that INE could face downward pressure should the transaction with CDPQ fail to materialize.

"With the belief that the offer from CDPQ is solid and unlikely to be bettered, we are moving to Tender and maintain our $13.75/sh target, in line with the offer price," said analyst Rupert Merer.

Price: 13.59, Change: -0.01, Percent Change: -0.11