UPDATE: Deutsche Bank Lowers PT on Calpine to $15.50 (CPN)

Deutsche Bank is out with its report today on Calpine

, lowering its price target from $16 to $15.50. In a note to clients, Deutsche Bank writes, "We are maintaining our Hold rating and lowering PT to $15.50 on valuation post Q4 results and updated disclosures. We view CPN as the best thematically positioned IPP and the best relative value, but see only modest absolute upside. We lowered our 2011 estimate by $35M and it is now towards the bottom of CPN's guidance range. We reduced our 2014 est on lower '14-15 RPM price assumptions. We are not surprised CPN chose not to implement a share buyback program, but think one could be started later this year given mgmt comments." Shares of CPN closed Friday at $14.81, up 0.61% from Thursday's close.