Barclays analyst Betty Jiang Friday afternoon upgraded Net Power (NPWR) to Equal Weight from Underweight with a price target of $3, up from $2. The company is impairing the oxy-combustion technology due to slow market adoption and is pausing development on the first utility-scale plant, the analyst tells investors in a research note. However, the firm believes New Power’s new partnership to develop gas power with CCS is “promising” and improves its long-term outlook even as long-term financing uncertainties remain.
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