Talen Energy price target raised to $250 from $225 at Oppenheimer

Oppenheimer raised the firm’s price target on Talen Energy (TLN) to $250 from $225 and keeps an Outperform rating on the shares. Having accomplished almost every milestone the firm highlighted in its December 2023 initiation report, management has now turned its focus towards newer opportunities to drive incremental shareholder value. These include a potential PPA for Susquehanna unit #2, the potential for a gas plant acquisition, and potential new builds. Separately, Oppenheimer believes the 2026/2027 PJM capacity auction could clear at the high end of $200-$400/MW-day. Finally, Talen still has $1.2B remaining on its buyback and should continue to return capital, the firm says.