NRG Energy initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of NRG Energy (NRG) with an Outperform rating and $212 price target as the firm started coverage on four large cap U.S. independent power producers with a bullish fundamental view on the group. NRG is the firm’s top pick for value, says the analyst, who “won’t attempt to argue that NRG has the highest-quality assets or business mix,” but is drawn to the cheap valuation, impressive track record of execution and “tremendous optionality embedded in the portfolio.”