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UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Genon Energy

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In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Genon Energy (NYSE: GEN), and slightly raised its price target from $2.75 to $2.80.

BMO Capital noted, “GEN reported 3Q12 adjusted EBITDA of $321 million, sharply above consensus of $216 million and 3Q11 adjusted EBITDA of 256 million. Higher capacity and energy marketing revenues in California, greater plant run times, and O&M controls primarily drove the YoY increase, in our view. Pending merger with NRG appears on track to close by 1Q13 with approvals only from FERC and NYPSC pending. In addition, GEN now expects to retire Gilbert Unit 8 (90 Mw steam turbine) in January 2015, pursuant to NJ's High Energy Demand Day (HEDD) regulations.”

Genon Energy closed on Friday at $2.45.

Latest Ratings for GEN

DateFirmActionFromTo
Jun 2015UBSInitiates Coverage onNeutral
Jun 2015SusquehannaInitiates Coverage onNeutral
Mar 2015Deutsche BankInitiates Coverage onHold

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View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings

 

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