NextEra Energy Partners (NEP) PT Raised to $83 at Mizuho Securities

Mizuho Securities analyst Paul Fremont raised the price target on NextEra Energy Partners (NYSE: NEP) to $83.00 (from $57.00) while maintaining a Buy rating.

The analyst commented, "We are updating our EBITDA estimates to account for the recent acquisition of assets from NEE and updating our PT to reflect the increased market valuation premium for renewables-associated assets. We continue to expect NEP to achieve its distribution growth target range of 12% to 15% as renewables generation assets continue to be acquired into the 5,830MW portfolio. Our $83 PT (was $57) incorporates the renewables group valuation mark that increased last week following the GA Senate runoff as increased federal support for renewables is expected."

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