NRG Energy (NRG) PT Raised at Jefferies on Strong Q1

Jefferies analyst Paul Fremont reiterated a Buy rating and raised his price target on NRG Energy (NYSE: NRG) to $39.00 (from $36.00) following strong Q1 results.

Fremont comments, "NRG reported strong 1Q Adjusted EBITDA of $816 million which was ahead of our estimate and consensus by an estimated $300 million. The main driver was the strong performance of the company’s northeast fleet. Additionally NRG plans to drop-down assets at a 10.1x EV/EBITDA multiple for $349 million in cash proceeds which may be used for potential share repurchases/debt paydown."

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 $34.23 yesterday.

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