The AGL Energy Limited (ASX: AGL) share price could be in for a winning streak if one top broker is to be believed.
Itâs said to be tipped to lift another 16.66% on the back of its strong 2022 performance.
Right now, the AGL share price is $7.92. Thatâs 25.4% higher than it was at the start of this year.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has slipped nearly 6% year to date.
Letâs take a closer look at one top brokerâs bullish outlook for the ASX 200 energy providerâs stock.
Could the AGL share price rocket above $9?
The AGL share price could be on the up and up following a dramatic year for the 185-year-old company.
Jefferies recently initiated coverage of the S&P/ASX 200 Index (ASX: XJO) energy provider â slapping it with a buy rating and tipping it to reach $9.24, The Australian reports.
The S&P/ASX 200 Utilities Index (ASX: XUJ) staple has had a rollercoaster of a year. Its demerger plan was scrapped in May on the back of a campaign by then-newly crowned major shareholder Mike Cannon-Brookes.
The companyâs then-CEO Graeme Hunt stepped down on the planâs abandonment, as did former chair Peter Botten and two directors.
More recently, shareholders appeared to side with Cannon-Brookes over the AGL board at the companyâs annual general meeting, voting to elect four directions nominated by the tech billionaire despite the boardâs disapproval last month.
Meanwhile, the power producer (which also happens to be Australiaâs biggest emitter) vowed to exit coal by 2036 in September. The move will likely demand up to $20 billion of investment in renewable and firming technology.
Jefferies isnât the only market participant seemingly excited by the companyâs newly shaped future.
Two new AGL directors recently forked out a combined $200,000 to invest in the ASX 200 share.
Kerry Schott and Christine Holman bought 12,000 and 13,000 shares respectively, paying between $8.09 and $8.16 apiece, earlier this month.
The post Buy AGL shares for 17% upside: top broker appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- 2 directors have been buying up AGL shares. Should you?
- Why is the AGL share price tumbling on Monday?
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- Buying AGL shares for the dividends? Read this first
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jefferies Financial Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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