UPDATE: UBS Upgrades NRG Energy (NRG) to Neutral
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(Updated - November 14, 2016 8:37 AM EST)
UBS upgraded NRG Energy (NYSE: NRG) from Sell to Neutral with a price target of $12.
Analyst Julien Dumoulin-Smith said, "We are upgrading NRG to Neutral to reflect the lower leverage and more stable cash flows vs. peers. We note NRG continues to rationalize its B/S and expects to put at least ~45% of its 2017 capital allocation towards debt reduction. We stress that NRG is in a much better position in terms of leverage than its peers, both in terms of absolute number (~4x vs. 5-6x+ for DYN/CPN) and NRG's ability to generate more stable cash flows thanks to its large retail business and capacity to drop down assets at the YieldCo. Given the acute leverage focus, this should enable relative outperformance."
Shares of NRG Energy closed at $11.07 yesterday.
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