Morgan Stanley Remains Positive on Calpine Despite Removal from Best Ideas List

In a report published Tuesday, Morgan Stanley analyst Stephen C. Byrd reiterated an Overweight rating and $30.00 price target on Calpine CPN. In the report, Morgan Stanley noted, “CPN has been removed from Morgan Stanley's Best Ideas list due to concerns about lack of regulatory clarity in Texas. We remain Overweight given the company's strong cash flow profile, the strong and improving performance of its gas-fired plants, and positive capital allocation activity.” Calpine closed on Monday at $19.82.