NextEra Energy price target raised to $72 from $70 at BMO Capital

BMO Capital raised the firm’s price target on NextEra Energy to $72 from $70 and keeps an Outperform rating on the shares after its Q1 earnings beat. The company’s 2.765 MWs of originations, net 1.5 GWs added to NEER’s backlog, and positive outlook for robust data center-related demand drove the outperformance on the day, the analyst tells investors in a research note. The stock warrants a premium valuation given its fundamental and thematic drivers, including one of the world’s largest renewable backlogs and favorable recovery of investments, the firm added.