Seaport reiterates Sell rating on NextEra Energy after renewable misses

Seaport Research notes that NextEra Energy has missed its own adjusted EBITDA expectations for renewable power “every year since 2015, and that’s even before netting out third-party tax credits.” Since 2019, NextEra spent $7B annually and added 5GW/year of renewable power, but net of the tax credits, NEER’s renewable power EBITDA “stayed practically flat between 2019 and 2023,” add the analyst, who reiterates a Sell rating and a $46 price target on NextEra Energy shares.