NextEra Energy Partners price target lowered to $40 from $86 at Mizuho

Mizuho analyst Anthony Crowdell lowered the firm’s price target on NextEra Energy Partners to $40 from $86 and keeps a Buy rating on the shares. NextEra Energy sold its Florida City Gas business to Chesapeake Utilities and NextEra Energy Partners revised its distribution growth rate lower to 5%-8% from 15%-18% previously, with a target of 6% annually through at least 2026, the analyst tells investors in a research note. NextEra Energy Partners cited the need for financial flexibility to execute on growth opportunities, and higher interest rates impacting the financing needed to grow distributions at 12%, says the firm.