Mizuho Securities Reiterates Buy on Nextera Energy (NEE) Following Florida Power & Light's Settlement
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Mizuho Securities reiterated a Buy rating and $138.00 price target on NextEra Energy (NYSE: NEE) after Florida Power & Light, reached a settlement agreement in its pending base rate proceeding. The agreement allows ROE of 10.55% with a range of 9.6-11.6% and extends the use of depreciation reserve surplus up for up to $1.0B plus and carry's over any remaining surplus under the 2012 agreement at year-end 2016.
Analyst James Riesemann commented, "Our 2016, 2017, and 2018 EPS estimates remain unchanged at $6.22, $6.53 and $7.02, respectively. Our modeling assumed a continuation of the 10.5% allowed ROE and regulatory capital structure. Our EPS estimates do not include any potential contribution from the pending acquisition of Oncor. We believe the settlement, and the discretionary depreciation, will allow NEE to earn towards the higher end of its previously articulated 6-8% growth rate"
Shares of NextEra Energy closed at $118.03 yesterday.
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