Despite a 1.6% target price increase given higher target multiples, we downgrade POW from BUY to OUTPERFORM as the stock price has increased 21% since November 2018. We maintain our 2019 adjusted NPAT forecast, but cut our 2019-2028 adjusted NPAT forecast by an average of 1% as we project the weight of contracted volume to gradually reduce in coming years compared to a previous flat assumption.