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In a report published Friday, Deutsche Bank reiterated its Hold rating on NRG Energy
NRG, and raised its price target from $22.00 to $25.00.
Deutsche Bank noted, “NRG offers a strong FCF yield at a level close to its cost of equity and upside optionality to higher gas prices. We find this to be a more compelling value proposition than closest peer CPN (Hold, $18.85), which is more exposed to a downward structural shift in electric demand. That said, prolonged gas weakness, retail margin compression, and disappointing ERCOT demand could temper the bull case. We think it's more likely to be positive, though expectations are high as investors hope for a boost to synergy targets and plans to aggressively repurchase shares.”
NRG Energy closed on Thursday at $23.68.
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