Wells Fargo initiated coverage of BWX Technologies (BWXT) with an Underweight rating and $200 price target. BWX “trades as a play on power/data center growth,” which the firm views as additive to the story, the analyst tells investors. However, the firm does not think this should be the primary driver of the stock, arguing that while BWX has tracked the performance of power names such as Constellation Energy (CEG), NRG Energy (NRG), Talen Energy (TLN) and Vistra (VST), its results have been “closer to its defense peers.”
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