Barclays Maintains an 'Overweight' on GenOn Energy (GEN); Clarity on Environmental Spending
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Price: $28.48 -3.69%
Rating Summary:
8 Buy, 8 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 8 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Overweight' on GenOn Energy (NYSE: GEN) price target of $5.00.
Barclays analyst says, "The environmental cap-ex guidance of $565-$700M over 8 years was better than expectations of $1B+. No final decisions yet on environmental shutdowns, but versus our prior expectation this added Avon Lake totaling 2,400 MW+. Our environmental cap-ex forecast would fall in the low-end of GEN's range with shutdown of these plants. GEN said that the Cross State Air Pollution Rule would be a modest negative to their 2012 outlook due to lower run times and net of market price changes."
"We are raising our Adjusted EBITDA forecasts to $610M for 2011 and $540M for 2012 where we assume $4.50/Mcf gas. This compares to $590M/$536M previously. We maintain our $790M 2013E." (Barclays raises FY11 EPS estimate from -0.19 to -0.17 and FY12 from -0.22 to -0.21)
For more ratings news on GenOn Energy click here and for the rating history of GenOn Energy click here.
Shares of GenOn Energy closed at $3.45 yesterday.
Barclays analyst says, "The environmental cap-ex guidance of $565-$700M over 8 years was better than expectations of $1B+. No final decisions yet on environmental shutdowns, but versus our prior expectation this added Avon Lake totaling 2,400 MW+. Our environmental cap-ex forecast would fall in the low-end of GEN's range with shutdown of these plants. GEN said that the Cross State Air Pollution Rule would be a modest negative to their 2012 outlook due to lower run times and net of market price changes."
"We are raising our Adjusted EBITDA forecasts to $610M for 2011 and $540M for 2012 where we assume $4.50/Mcf gas. This compares to $590M/$536M previously. We maintain our $790M 2013E." (Barclays raises FY11 EPS estimate from -0.19 to -0.17 and FY12 from -0.22 to -0.21)
For more ratings news on GenOn Energy click here and for the rating history of GenOn Energy click here.
Shares of GenOn Energy closed at $3.45 yesterday.
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