Net Power price target lowered to $3 from $11 at Barclays

Barclays analyst Betty Jiang lowered the firm’s price target on Net Power (NPWR) to $3 from $11 and keeps an Equal Weight rating on the shares. The firm says New Power’s “dramatic” capex increase introduces “significant uncertainty” around the timing and financing of its first utility-scale testing plant, which is critical for the commercialization of the technology. The shares are likely to remain range bound around cash value pending further clarity, the analyst tells investors in a research note.