Alter NRG: Weakness Provides Buying Opportunity

Following last Friday's announcement that Alter NRG Inc.'s (ANRGF.PK) first plasma gasification retrofit in Somerset, Massachusetts had received a favorable recommendation from the Massachusetts Department of Environmental Protection [MDEP], the Conservation Law Foundation [CLF] said it will now bring its concerns about the retrofit to State Superior Court. 

The CLF appeal to the MDEP, of which a final decision is still pending, was made to prevent Alter NRG's partner, NRG Energy (NRG), from proceeding with the retrofit. The CLF believes that when completed, the retrofit will not adequately reduce CO emissions.

Fraser MacKenzie analyst John Safrance said:

We believe any weakness in NRG's share price from this news, once widely disseminated, is an excellent opportunity to buy.   The company's pipeline of future projects should more than make up for any further delay at Somerset.

He maintained his "strong buy" rating, and left his C$7.15 price target unchanged.