Market Overview

UPDATE: Citigroup Upgrades GenOn to Buy Following Merger Proposal

Related GEN
Benzinga's Top Downgrades
Apollo Education Group And Genesis HealthCare To Join Forces, Develop Training Programs In China

Citigroup raised its rating on GenOn Energy (NYSE: GEN) from Neutral to Buy and raised its price target from $2.90 to $3.15.

Citigroup noted, "Since announcing the proposed merger between NRG and GenOn on 7/22, we have valued shares of GEN as a function of NRG's target price given that we see very limited risk during the regulatory approval process. This has been confirmed during the past few months, with only FERC and NYPSC approvals remaining. … The product of our $26 NRG target and the proposed exchange ratio of 0.1216x yields a rounded $3.15 implied target price for GEN, warranting a Buy (1) rating at these levels."

GenOn Energy closed at $2.54 on Friday.

Latest Ratings for GEN

Feb 2016UBSDowngradesNeutralSell
Jan 2016Bank of AmericaDowngradesBuyNeutral
Jan 2016SusquehannaMaintainsNeutral

View More Analyst Ratings for GEN
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Upgrades Intraday Update Analyst Ratings


Related Articles (GEN)

View Comments and Join the Discussion!

Get Benzinga's Newsletters