Despite the market sinking lower, the AGL Energy Ltd (ASX: AGL) share price has managed to edge higher today.
In afternoon trade the energy company's shares are up 1.5% to $26.20. This latest gain brings AGL Energy's year-to-date return to over 18%.
Fortunately for shareholders, one leading broker thinks there could be more gains ahead.
A research note out of Ord Minnett this morning reveals that the broker has upgraded its shares to an accumulate rating with a $28.20 price target.
Based on the current share price, this price target would mean potential upside of approximately 7.5% for shareholders.
The broker believes there is a risk of electricity shortages in the summer, which could lead to elevated wholesale prices.
Not all brokers are as bullish as Ord Minnett, though. Another leading broker labelled AGL Energy as a sell last week.
