Jefferies lowered the firm’s price target on NRG Energy (NRG) to $181 from $198 and keeps a Buy rating on the shares. While the firm continues to see NRG as “the best positioned IPP to benefit” from the PJM backstop procurement process with its new generation and additionality strategy, it moderates estimates for lower Texas power and PJM long-term capacity assumptions. With the LS Power deal close imminent, the firm expects a comprehensive long-term growth rate refresh by the late February earnings call, the analyst added.
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