Market Overview

UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Calpine Corporation

Related CPN
Mid-Afternoon Market Update: Crude Oil Up 2%; Dycom Industries Shares Climb Following Strong Results
Mid-Day Market Update: Dow Surges 150 Points; Computer Sciences Shares Rise Following Merger Deal with HP Enterprise

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Calpine Corporation (NYSE: CPN), but slightly lowered its price target from $18.00 to $17.00.

Deutsche Bank noted, “Strong mgmt team creates value, but external fundamentals remain weak. CPN reported strong Q3 results, narrowed 2012 guidance, and provided initial 2013 guidance in line with our expectations but below consensus despite the use of above-market prices for the upper half of the guidance range. CPN's strategy continues to be successful as it swaps out of non-core assets and bolsters its position in the attractive ERCOT market. That said, fundamentals remain weak across most of its markets (excl. ERCOT), which could lead to only modest growth in the years to come. While we recognize the appeal of CPN's asset base and strategy, we find it difficult to make a value case absent faster and more visible near-term growth. Maintain Hold.”

Calpine Corporation closed on Tuesday at $18.03.

Latest Ratings for CPN

May 2016SunTrust Robinson HumphreyMaintainsNeutral
Mar 2016CitigroupMaintainsBuy
Mar 2016Argus ResearchDowngradesBuyHold

View More Analyst Ratings for CPN
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings


Related Articles (CPN)

View Comments and Join the Discussion!