- We downgrade our rating from BUY to OUTPERFORM despite raising our target price by 29% as PC1’s share price has rallied 40% in the last three months. We attribute the rally partly to the market factoring in PC1’s 2021-installed 144 MW of wind capacity after these farms successfully registered to begin operation before the feed-in tariff deadline of October 31, 2021. That said, we continue to see upside for PC1 on the potential value contribution from post-2021 projects.