Jefferies Upgrades Calpine Corporation (CPN) to Buy

Jefferies upgraded Calpine Corporation (NYSE: CPN) from Holdto Buy with a price target of $21.50 (up from $18).

The firm comments, "We are upgrading Calpine to Buy based on valuation. The company raised 2012 guidance following a strong first quarter result citing higher expected volume sales from its gas fleet and improving spark spreads. With the EBITDA estimates of most of Calpine's peers decling with lower gas prices we believe that Calpine is currently trading at a 15% EV/EBITDA discount to other merchant generators."

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 $18.30 yesterday.

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