UPDATE: Jefferies Reiterates On Calpine On Adjusted 2014 Quarter Estimates

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In a report published Thursday, Jefferies analyst Paul B. Fremont reiterated a Hold rating on
CalpineCPN
, but lowered the price target from $24.00 to $23.00. In the report, Jefferies noted, “We are adjusting our 2014 quarter adjusted EBITDA estimates as follows: increase 2Q14 estimate $40 million to $400 million; decrease 4Q estimate $40 million to $330 million. The increase in 2Q14 adjusted EBITDA reflects an increase in hedge margins and portfolio changes partly offset by the expiration of in the money contracts. "The reduction in 4Q14 adjusted EBITDA reflects the expected loss of contribution from Southeastern plants sold to LS Power. We are maintaining our 2014 adjusted EBITDA estimate of $1.975 billion. Our revised estimate is at the high end of the company's 2014 guidance of $1.9-$2.0 billion. We are maintaining our 2015 adjusted EBITDA estimate of $2.05 billion. We are maintaining our 2016 adjusted EBITDA estimate of $2.0 billion. We are initiating our 2017 estimate of $1.95 billion.” Calpine closed on Wednesday at $22.87.
Posted In: Analyst ColorPrice TargetAnalyst RatingsJefferiesPaul B. Fremont
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