NextEra Energy Partners price target lowered to $32 from $62 at CIBC

CIBC lowered the firm’s price target on NextEra Energy Partners to $32 from $62 and keeps an Outperformer rating on the shares. The firm says NextEra Energy Partners’ update last week to halve its distribution growth guidance and defer dropdowns until at least next year have put share in a “downward spiral, beyond what we would have envisaged.” The analyst sees value in the shares with “material upside” to the new $32 price target, but cautions investors that NEP “carries elevated risk and it could take time for what we view as intrinsic value to surface.”