Vistra price target raised to $37 from $31 at BofA

BofA raised the firm’s price target on Vistra to $37 from $31 and keeps a Buy rating on the shares. In addition to making “positive” mark-to-market adjustments, the firm refreshed its sum-of-the-parts analysis for the value of Vistra’s Texas portfolio. Texas has witnessed significantly elevated power prices of late, driven by high temperatures and new ancillary services, and the firm argues that earnings should benefit from “tailwinds gathering in the Lone Star State.”