NextEra Energy Partners downgraded to Equal Weight at Wells Fargo

Wells Fargo downgraded NextEra Energy Partners (NEP) to Equal Weight from Overweight with a price target of $33, down from $80. NextEra Energy’s (NEE) decision to not proceed with an asset drop down and cut NextEra Energy Partners’ growth goal “created a crisis in confidence in NEP that will be difficult to restore,” the analyst tells investors in a research note. “Given a myriad of questions and uncertainties we think it is prudent to move to the sidelines on NEP,” writes Wells.