Deutsche Bank Downgrades NextEra Energy (NEE) to Hold
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Deutsche Bank downgraded NextEra Energy (NYSE: NEE) from Buy to Hold with a price target of $131.00 (from $133.00). Analyst Jonathan Arnold noted strong year-to-date performance.
"NEE is deservedly seen as a cut above the average utility with its high-quality, growth Florida franchise and market-leading renewables unit. We do not dispute this, but we do see near-term upside limited with the stock having shrugged off potential execution headwinds. First, extraordinarily frosty commentary on NEE’s Oncor deal from two (of three) PUCT commissioners at Thursday’s meeting suggests more of an uphill approval battle than we thought. Second, as NEE has said, tax credit extensions may pressure near-term renewables bookings. And third, rate case bid/ask remains unusually wide with few signs of settlement," said Arnold.
Shares of NextEra Energy closed at $128.03 yesterday.
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