NextEra Energy Partners price target lowered to $24 from $40 at JPMorgan

JPMorgan analyst Mark Strouse lowered the firm’s price target on NextEra Energy Partners to $24 from $40 and keeps an Overweight rating on the shares. The analyst says the precipitous decline in the stock further reduces the company’s ability to accretively raise capital to fund growth. There is “clear value” in the portfolio, but until there is better visibility into how NextEra Energy Partners can potentially add accretive drop-down projects, the price target is in close proximity to an estimate of the discounted cash flow value of the portfolio, the analyst tells investors in a research note.