Market Overview

Deutsche Bank Upgrades NextEra Energy On 'Well-Articulated' Growth Goal


NextEra Energy Inc (NYSE: NEE) extended its gains Monday following a recent investor conference where it outlined plans for earnings growth of between 5 percent and 7 percent over the next four years.

Citing that goal, Deutsche Bank's Jonathan Arnold on Monday upgraded the electric utility to Buy, from Hold and maintained a $113 price target.

NextEra shares have gained about 4 percent since its investor conference Wednesday and closed at $102.97, up 2.35 percent.

From a peak in late January, NextEra shares are off about 10 percent and are now at "a solid entry point," Arnold said.

The parent company of Florida Power and Light has posted earnings growth of 8 percent over the past decade, and has a "well articulated plan" in place to support its current goals, according to Arnold.

NextEra is slated to complete its $2.63 billion acquisition of Hawaiian Electric Industries Inc. (NYSE: HE) later this year, and expects to pursue electric transmission and gas pipeline development.

If all else fails, Arnold said, NextEra's $5 billion in annual free cash flow is sufficient to support buybacks and higher dividends that would "limit downside potential."

Latest Ratings for NEE

Jan 2021Morgan StanleyMaintainsEqual-Weight
Jan 2021Morgan StanleyMaintainsEqual-Weight
Jan 2021Credit SuisseMaintainsNeutral

View More Analyst Ratings for NEE
View the Latest Analyst Ratings


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