In a report released on July 23, Carly Davenport from Goldman Sachs maintained a Buy rating on NextEra Energy, with a price target of $91.00.
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Carly Davenport’s rating is based on a combination of factors that highlight the potential upside for NextEra Energy. Despite a recent dip in stock price following the 2Q results, Davenport believes that the fundamentals of the company remain strong through 2029. The lack of immediate clarity on post-2027 development plans and earnings growth was a concern for investors, but Davenport sees potential for positive outcomes, particularly with the Florida Power & Light rate case, which could act as a catalyst for the stock.
Moreover, the ‘One Big Beautiful Bill Act’ presents both risks and opportunities for NextEra Energy. While the act phases out wind and solar tax credits by 2027, it also positions NextEra to capture more market share due to its robust construction and project pipeline. This advantage, coupled with a solid balance sheet, places NextEra in a favorable position compared to smaller competitors. Davenport maintains a positive outlook on the company’s ability to access tax equity markets, further supporting the Buy rating.
In another report released yesterday, BMO Capital also maintained a Buy rating on the stock with a $83.00 price target.
NEE’s price has also changed slightly for the past six months – from $69.230 to $72.820, which is a 5.19% increase.