S&P Equity Research Downgrades NRG Energy (NRG) to Hold
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S&P Equity Research downgrades NRG Energy (NYSE: NRG) from Buy to Hold.
S&P analyst, C. Muir, says, "Q1 recurring EPS of $0.14 vs. $0.14 misses our $0.32 estimate. Mark-to-market (MTM) adjustments were $0.21 per share and contract amortization was $0.10 higher than our forecast. Excluding these items, operating margin and EPS were well above our estimates. We continue to believe the company will benefit from declining reserve margins and higher prices in the regions in which it operates. But on Q1 and MTM shortfall, we are lowering our '08 EPS estimate by $0.40 to $2.08 and '09's by $0.15 to $2.61. On the lower outlook, we are cutting our target price by $2 to $49."
NRG Energy, Inc. (NRG) is a wholesale power generation company.[SM]
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