UPDATE: Morgan Stanley Downgrades NextEra Energy to Equal-Weight on Valuation
Morgan Stanley downgraded NextEra Energy (NYSE: NEE) from Overweight to Equal-weight and raised the price target from $68.50 to $73.50.
Morgan Stanley noted, "Despite NEE combining a low-risk utility with a well hedged merchant power business, we are moving to Equal-weight. Our change is driven by valuation, since shares outperformed the sector by 20%+ since 2012, leaving shares more fully valued and at a premium versus peers."
NextEra Energy closed at $71.31 on Wednesday.
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