11:27 AM EDT, 04/03/2024 (MT Newswires) -- National Bank of Canada said Tuesday that the valuation of renewable power developers has remained depressed over the last couple of years, noting headwinds from higher bond yields and lower production that resulted from bad weather.

With rates remaining high, the bank said it lowering its targets to reflect higher bond yield forecasts for the next 12 months.

"However, we believe the stocks are oversold and should recover over the next year as confidence builds in the outlook for future cash flows and growth," the bank said.

The bank said its top picks among companies on "return to target" are Innergex Renewable Energy ( INGXF ) , Northland Power ( NPIFF ) , Polaris Renewable Energy ( RAMPF ) and Boralex ( BRLXF ) .

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