NextEra Energy initiated with a Hold at Jefferies

Jefferies initiated coverage of NextEra Energy with a Hold rating and $87 price target. The company is the largest U.S. clean energy developer and looks well positioned to capitalize on the further increasing demand for renewables, between revised load forecasts and continued grid de-carbonization, though that said, Jefferies is launching the stock at Hold as shares have substantially outperformed and now trade at a 30% earnings multiple premium relative to the average utility on a 3-year basis, the analyst tells investors in a research note.