UPDATE: ISI Group Upgrades NextEra Energy to Buy, Raises PT
In a report published Monday, ISI Group upgraded its rating on NextEra Energy (NYSE: NEE) from Neutral to Buy, and slightly raised its price target from $75.00 to $76.00.
ISI Group noted, “In conjunction with ISI's adoption of a standard ratings system for stocks, we are increasing our target price from $75 to $76 and upgrading shares of NextEra from Neutral (Hold) to Buy. Our '12-'15 EPS estimates remain unchanged at 4.50/4.95/5.55/5.80. We estimate 12-month total return prospects of 11%...The extension of the PTC for one year (effectively two years, as the COD for a wind farm can be in 2014) should be a benefit for NEE's wind development business, as their current base plan assumed virtually no domestic wind projects post 2012. While this may push out the 2014 timeframe for NEE becoming a cash tax payer and realizing the benefit of the tax credits on the balance sheet, incremental wind power growth would be accretive to the value proposition.”
NextEra Energy closed on Friday at $70.88.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: ISI Group