UPDATE: Macquarie Capital Reiterates Outperform Rating, Raises PT on The AES Corporation on Hope for Future Earnings Upside

In a report published Tuesday, Macquarie Capital analyst Angie Storozynski reiterated an Outperform rating on

, and raised the price target from $14.50 to $15.50. In the report, Macquarie Capital noted, “The growth in risk-adjusted earnings has always been our key investment criterion for utilities, with AES not screening favourably from this angle. AES's business complexity, its earnings lumpiness and emerging market risks do warrant a valuation discount to US utilities, we believe, but not the current 3-4x '15 PE differential. Especially as management keeps delivering on expectations (against all odds). We reiterate Outperform, hoping for earnings upside in the future.” The AES Corporation closed on Monday at $14.21.