UPDATE: Wunderlich Securities Raises Calpine's PT

According to a research report published this morning, Wunderlich Securities has increased Calpine's CPN PT from $20 to $22. Wunderlich Securities said in the report, "Calpine Corporation (CPN) reported 1Q adjusted EBITDA on Friday of $325mm versus $303mm a year ago (our/consensus was $335mm/$325mm). The results were driven by a 52% increase in electricity production, which drove a $40mm improvement in gross margin (about a $4 spark spread). Though slightly lower than we expected, we believe CPN performed a normal maintenance schedule in 1Q in preparation for the peak summer demand, which left the capacity factor for the non-peaker fleet at 54.9% (also slightly lower than expected)." Wunderlich Securities maintains its Buy rating on Calpine, which closed Friday at $18.30.