Jefferies Downgrades Calpine Corporation (CPN) to 'Hold' Based on Reduction in Estimates

Jefferies downgraded Calpine Corporation (NYSE: CPN) from Buy to Hold, price target lowered from $19.50 to $15.50.

Jefferies analyst says, "We are reducing our rating on Calpine based on a downward revision to our 2013-14 EBITDA estimates. Our forecast model has been updated with forward prices for gas and power which have weakened considerably over the past 6 months. We have also updated the company's most recent hedging information which includes a downward revision in estimated hedged margins."

"We are lowering our 2013 adjusted EBITDA by $100 million to $1.710 billion and lowering our 2014 adjusted EBITDA estimate by $255 million to $1.725 billion."

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 $15.00 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Jefferies Downgrades Calix (CALX) to Hold
• Lithia Motors (LAD) PT Lowered to $325 at Jefferies
• Meta shares dip on softer Q2 revenue guidance, elevated AI spending plans