BMO Capital analyst James Thalacker raised the firm’s price target on NextEra Energy (NEE) to $91 from $83 and keeps an Outperform rating on the shares. The firm estimates the company’s Q3 EPS at 99c, up 5% y/y, with the increase driven primarily by NEER earnings, which benefit from over 1GW of new investments and more normal wind resource but partially offset by lower gas infrastructure contribution, the analyst tells investors in a research note. NextEra’s industry-leading profile within the sector warrants a premium valuation given its fundamental and thematic drivers, including one of the world’s largest renewable backlogs and favorable recovery of investments through regulatory recovery mechanisms, BMO added.
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