UPDATE: Citigroup Upgrades GenOn to Buy Following Merger Proposal

Loading...
Loading...
Citigroup raised its rating on GenOn Energy
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.
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesIntraday UpdateAnalyst RatingsCitigroup
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...