NRG Energy price target raised to $120 from $110 at Wells Fargo

Wells Fargo raised the firm’s price target on NRG Energy to $120 from $110 and keeps an Overweight rating on the shares. Post Q2, the firm caught up with CFO Bruce Chung and Treasurer Kevin Cole. It sounds like the site opportunity is still in the early stages, Wells says. As such, the firm doubts that there will be any agreements struck in 2024. It also sounds like co-location deals will likely be front of meter, as on-site generation would probably require backup power from the grid, Wells adds.