Seaport Research analyst Angie Storozynski downgraded NextEra Energy Partners (NEP) to Sell from Neutral with a $15.50 price target. The recent sale of Texas pipelines, short-term interest rate hedges and wind project repowering “won’t be enough” to continue NextEra Energy Partners’ 6% annual growth in distributions per unit beyond 2024, the analyst contends. The firm expects a “sharp” 50% cut in Partners’ distributions by late 2024, the analyst added. Seaport also downgraded NextEra Energy (NEE) to Sell from Neutral with a $44 price target.
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