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Deutsche Bank Downgrades Calpine Corporation (CPN) to Hold

November 2, 2015 6:56 AM EST
Get Alerts CPN Hot Sheet
Price: $15.25 --0%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Deutsche Bank downgraded Calpine Corporation (NYSE: CPN) from Buy to Hold with a price target of $20.00 (from $25.00). Analyst Jonathan Arnold sees limited catalysts.

"We are downgrading to Hold as 2016 appears a larger headwind than we anticipated and arguing for a premium at this point seems misplaced. Mgmt has not taken bold action, as they view the stock-sell off as macro and transient and are instead adding leverage and buying assets to support L-T growth. While we do not expect any company to react to every market gyration, CPN has had opportunities over the past year to create value through M&A, cost cutting, debt reduction or perhaps even a dividend, and none has been forthcoming. While we still see ~30% upside to our revised $20 PT, relative value versus IPP peers seems less compelling," said Arnold.

For an analyst ratings summary and ratings history on Calpine Corporation click here. For more ratings news on Calpine Corporation click here.

Shares of Calpine Corporation closed at $15.51 yesterday.



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