UBS Maintains a 'Neutral' on NRG Energy (NRG); What Are ’12 Share Repo Expectations?

UBS maintains a 'Neutral' on NRG Energy (NYSE: NRG) price target lowered $1 to $17.

UBS analyst says, "We surveyed investors yesterday, finding an expectation for a ~$400 Mn share buyback, to be released with 4Q results in February; we est. an inline buyback of $450 Mn, however, this could be net of a $250 Mn repo accelerated into ‘11. The maximum est. was $700 Mn, while the minimum was zero, predicated on a belief mgmt would not refinance its 2017 notes ahead of 4Q. The std. dev was ~$200 Mn."

"We believe shares could trade sideways without a signal from mgmt as to its intentions on refinancing the 2017 notes. We are also lowering our ests. to reflect a lower dispatch in Texas."

For an analyst ratings summary and ratings history on NRG Energy click here. For more ratings news on NRG Energy click here.

Shares of NRG Energy closed at $16.63 yesterday.

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