B. Riley upgraded Hallador Energy (HNRG) to Buy from Neutral with a price target of $27, up from $23. The firm believes the company is poised to announce its first long-term power purchase agreement at Merom. While reaching a deal has taken longer than expected, Hallador emphasized that deal economics have only strengthened, particularly for accredited capacity, the analyst tells investors in a research note. As such, Riley believes Hallador shares offer an attractive risk/reward at these levels.
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