Polaris Infrastructure Inc. (TSE:PIF) shares rose 1.38% to C$11.77 on Monday as a broker from Mackie Capital Research upgraded buy rating and indicated a target of C$18, up from a previous target of C$15.50.
The Toronto-based company is involved in the operation, acquisition and development of renewable energy projects in Latin America. Their second quarter 2016 results released on August 9 showed strong production from their San Jacinto-Tizate Power Plant.
“We continue to view PIF as an undervalued infrastructure play,” explained Mackie analyst Russell Stanley. They upgraded a production estimate to 58 MW from 4.5 MW thanks to an ongoing drilling program, noting that the estimate was likely conservative.
Expanded production from new wells could support a dividend of three to four times current levels, Stanley said.
Polaris’ stock is already up 45% from July 7 when it closed at C$8, he added.
Mackie also gave a speculative buy rating to Ceiba Energy Services Inc. (CVE:CEB), with a target price of C$0.25, up from C$0.19, citing significant growth potential and promising expansion initiatives. However, shares were unmoved at C$0.19 on Monday.
On the technology front, Wedbush gave Viacom Inc. Class B (NASDAQ:VIAB) a neutral rating with a target price of $44. The broker noted that CEO Tom Dooley was not likely to remain long-term and Viacom’s pay-TV opportunities lacked huge growth potential without major investment.