Market Overview

UPDATE: Citigroup Upgrades GenOn to Buy Following Merger Proposal

Share:
Related GEN
Benzinga's Top Upgrades, Downgrades For July 6, 2017
Earnings Scheduled For February 22, 2016

Citigroup raised its rating on GenOn Energy (NYSE: GEN) from Neutral to Buy and raised its price target from $2.90 to $3.15.

Citigroup noted, "Since announcing the proposed merger between NRG and GenOn on 7/22, we have valued shares of GEN as a function of NRG's target price given that we see very limited risk during the regulatory approval process. This has been confirmed during the past few months, with only FERC and NYPSC approvals remaining. … The product of our $26 NRG target and the proposed exchange ratio of 0.1216x yields a rounded $3.15 implied target price for GEN, warranting a Buy (1) rating at these levels."

GenOn Energy closed at $2.54 on Friday.

Latest Ratings for GEN

DateFirmActionFromTo
Jul 2017Cantor FitzgeraldInitiates Coverage OnOverweight
Nov 2016RBC CapitalDowngradesOutperformSector Perform
May 2016Bank of AmericaDowngradesNeutralUnderperform

View More Analyst Ratings for GEN
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (GEN)

View Comments and Join the Discussion!