11:25 AM EDT, 04/05/2024 (MT Newswires) -- National Bank of Canada on Thursday raised its estimates for Northland Power ( NPIFF ) for the first quarter.

The bank lifted its renewable generation forecast to 2,302 GWh from 2,259 GWh, driven by strong offshore results.

National Bank's adjusted EBITDA forecast also moved up to $409 million from $397 million, above the consensus forecast of $390 million.

The bank said the first quarter should set NPI up well to achieve its 2024 adjusted EBITDA guidance of $1.2 billion to $1.3 billion.

National Bank gave Northland an outperform rating with a $32.00 price target.

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