UPDATE: Jefferies Raises PT on Calpine Corp. to $17 (CPN)

Jefferies is out with its report today on Calpine Corp.

, raising its PT from $16 to $17. In a note to clients, Jefferies writes, "Our price target of $17.00/share (up from $16.00) is based on our open EV/EBITDA valuation approach using a 12 times multiple on 2012 unhedged EBITDAR. Based on our 2012 group average EV/EBITDA multiple of 13.3 times, we believe that Calpine is currently trading at a 20% discount to the group. Our price target assumes that Calpine will trade at a 10% discount to the group average multiple for 2013." Jefferies maintains Buy on CPN. At the time of posting, shares of CPN were trading at $14.91, up 0.68% from Friday's close.