- We downgrade our rating for PC1 from OUTPERFORM to MARKET PERFORM despite raising our TP by 18% as the company’s share price has rallied 27% over the last three months. We believe the recent price rally is partly due to the completion of PC1’s three major wind farms in October 2021 and the fact that insiders purchased over 6.4% of outstanding shares in Q3 2021.  

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