UPDATE: Goldman Sachs Raises PT on NV Energy on Announced NVision Proposal
In a report published Tuesday, Goldman Sachs analyst Neil Mehta reiterated a Neutral rating on NV Energy (NYSE: NVE), and slightly raised the price target from $20.00 to $21.00.
In the report, Mehta noted, “On April 5, NV Energy (NVE, Neutral) announced the NVision plan to retire the 550MW Reid Gardner coal plant over 2014 to 2017 - and build new natural gas and renewable generation in its place. While the NVision proposal remains subject to regulatory approvals and we believe will likely not impact earnings through 2015, we raise our 12-month, P/E-based price target from $20 to $21 to partially reflect potential upside from the plan. We also update our 2013-2015 EPS forecasts from $1.31/$1.33/$1.38 to $1.30/$1.34/$1.37 to incorporate (1) the most recent 10-K filing and (2) revised rate case timing, as we now assume NVE North will file a general rate case in 2013.”
NV Energy closed on Monday at $20.98.
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