As previously reported, BofA analyst Julien Dumoulin-Smith upgraded NRG Energy (NRG) to Buy from Neutral with a price target of $36, up from $35. The stock recently returned to a low seen in November 2020 and the stock is trading at a lower level than immediately after the Vivint acquisition, notes the firm, which believes investors have overlooked the earnings power of NRG’s nuclear plus legacy Texas-centric retail business. The firm sees about $1.4B adjusted EBITDA in 2025 for this business, which "to a degree" resembles peer Vistra’s (VST) "Vision" business "as a nuclear + gas and retail ‘powerhouse’," the firm tells investors.
Published first on TheFly
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Read More on NRG:
- NRG Energy upgraded to Buy from Neutral at BofA
- Texas appeals court says PUC set prices too high during Uri, Texas Tribune says
- Texas appeals court overturns PUC price orders, Bloomberg says
- NRG Energy backs FY23 adjusted EBITDA view $2.27B-$2.47B
- NRG Energy reports FY22 EPS $5.17, consensus $5.46
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