Infigen Energy's first-half result met the broker but Morgans forecasts a weaker second half as seasonal factors and one-off interruptions bite.

The company's retail volumes and generation capacity continue to edge up and the broker predicts steady growth from FY21 to FY24.

Morgans sees challenges in the second half, noting the seasonal skew of windfarms, volatility in spot electricity prices and an outage at Lake Bonney windfarm.

Morgans expects growth in Commercial and Industrial customers will offset weaker margins from large-scale-generation certificate sales, and the broker is cautious on hedging sales.

Target price eases to 80c from 83c, to reflect more conservative assumptions. Add rating retained.

Sector: Utilities.

Target price is $0.80.Current Price is $0.73. Difference: $0.07 - (brackets indicate current price is over target). If IFN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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