NextEra Energy price target lowered to $84 from $105 at Wells Fargo

Wells Fargo lowered the firm’s price target on NextEra Energy to $84 from $105 and keeps an Overweight rating on the shares. The firm notes that macro backdrop is challenging, but thinks NextEra Energy is better positioned than renewable peers to weather the storm. Valuation is compelling as NEER valued at an implied multiple of about 11-times adjusted EBITDA, Wells adds.