Morgan Stanley raised the firm’s price target on Talen Energy (TLN) to $430 from $330 and keeps an Overweight rating on the shares after Talen held its virtual investor day and updated its EBITDA and free cash flow targets for FY25 and FY26 as well as initiated the outlooks for FY27 and FY28. The firm is lowering FY25 estimates, but says FY26 and FY27 guidance “looks roughly in line with consensus” and notes that it sees potential upside from there given that management delivered “constructive messages” on key themes such as PJM power prices, data center deals, and M&A.
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