XPLR Infrastructure price target lowered to $15 from $19 at Mizuho

Mizuho analyst Anthony Crowdell lowered the firm’s price target on XPLR Infrastructure (NEP) to $15 from $19 and keeps a Neutral rating on the shares. The company unveiled its strategic review, opting to suspend distributions indefinitely, monetize assets to satisfy the convertible equity partnership units, change management, and transition cash flow reporting, the analyst tells investors in a research note. The firm says that while the current 20% free cash flow yield appears attractive, it views the execution risk of selling assets at “healthy” multiples, combined with the re-powerings to offset the EBITDA decline, as “difficult to get comfortable with, in the absence of some form of distribution for unitholders.”