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UPDATE: UBS Securities Downgrades Calpine on Concerns About Texas and California

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In a report published Wednesday, UBS Securities analyst Julien Dumoulin-Smith downgraded the rating on Calpine (NYSE: CPN) from Buy to Neutral, but reiterated the $22.00 price target.

In the report, UBS Securities noted, “We're downgrading shares to Neutral from Buy following its latest move, and our concerns around TX (Guadalupe being potentially dilutive to '15 multiple) and CA. While developments in the Northeast are constructive, we see its more limited footprint and exposure to upcoming PJM capacity auction in (E)MAAC as less than ideal.”

Calpine closed on Tuesday at $20.44.

Latest Ratings for CPN

DateFirmActionFromTo
Oct 2014JefferiesMaintainsHold
Sep 2014Deutsche BankInitiates Coverage onHold
Aug 2014UBSMaintainsNeutral

View More Analyst Ratings for CPN
View the Latest Analyst Ratings

Posted-In: Julien Dumoulin-Smith UBS SecuritiesAnalyst Color Downgrades Analyst Ratings

 

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