JPMorgan downgraded NextEra Energy Partners to Underweight from Neutral with an unchanged price target of $25. The stock has traded up 25% in the last month, drifting away from the price target, the analyst tells investors in a research note. The firm does not view NextEra Energy Partners as a primary beneficiary of rising power demand and believes near-term risk remains around the company’s longer-term convertible equity portfolio financing obligations and its ability to accretively finance potential dropdown acquisitions.
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