Atlantica Sustainable Infrastructure plc
Company Overview: Atlantica Sustainable Infrastructure Plc (NASDAQ: AY) is a sustainable infrastructure company with most of its business in renewable energy assets. It owns and manages operating facilities and projects under development in North America (United States, Canada, and Mexico), South America (Peru, Chile, Colombia, and Uruguay) and EMEA (Spain, Italy, Algeria, and South Africa). The Company's assets are organized into four business sectors: renewable energy, efficient natural gas and heat, transmission lines and water.
As per our previous US Dividend Income report published on ‘AY’ on 10th April 2024, Kalkine provided an ‘Buy’ stance on the stock at USD 18.44 based on “expected valuation upside, consistency in topline, attractive valuation, risks associated, positive outlook and trading levels” and the stock price has now moved by ~16.11% since then and has attained resistance 1 and resistance 2.
Noted below are the details of support and resistance levels provided in our previous report:
AY’s Daily Chart
Considering the current trading levels, resistance 1 and resistance 2 attainment, risks associated, and volatile market conditions on the back of higher interest rates, an ‘Sell’ rating is assigned to the “AY” at the closing market price of USD21.41 (as of 07 May 2024).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is May 07, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’