Why Brookfield Renewable Partners Units Jumped as Much as 5.5% Today
Shares of Brookfield Renewable Partners (NYSE: BEP) were higher by around 5.5% by 2:30 p.m. EDT. There was no particular news out of the company today, but there was an update from an analyst that likely helped excite investors.
An analyst out of Credit Suisse upgraded Brookfield Renewable Partners to outperform, according to the Fly. Investors tend to like such analyst moves, so it's not surprising that the stock moved higher on the rating change. The analyst specifically noted that the 6% sell-off over the past month was likely related to technical issues that have nothing to do with the company's fundamental value. And, lo and behold, the stock rose nearly 6% at one point. Coincidence? Maybe. However, by 3 p.m. EDT, the units had slipped to a 4.5% or so gain.
Image source: Getty Images.
Source Fool.com