UBS Cuts Price Target on NRG Energy (NRG) to $12; Reiterates Sell
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UBS maintained a Sell rating on NRG Energy (NYSE: NRG), and cut the price target to $12.00 (from $15.00), reflecting the latest commodity and hedge outlook.
Analyst Julien Dumoulin-Smith commented, "We are dropping our target to $12/sh from $15 to reflect principally the latest commodity and hedge outlook. We attribute the bulk of recent pressure off its highs to a moderation in energy expectations as well as disappointing realized summer power prices. We see continued wind deployment and ongoing low interest rates as only partially offset by improved coal pricing to support power prices."
Shares of NRG Energy closed at $12.19 yesterday.
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