Seaport Research analyst Angie Storozynski raised the firm’s price target on NRG Energy to $51 from $48 and keeps a Buy rating on the shares. The CEO departure and board refresh should facilitate an open dialogue with investor Elliott though meaningful cost efficiencies or changes to NRG’s smart home strategy is unlikely, the analyst tells investors in a research note. The firm says that instead of lower costs, NRG now needs a peaker in Texas and an expedited rollout of automated residential demand response enabled by Vivint Smart Home’s smart control panels.
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Read More on NRG:
- NRG Energy price target raised to $49 from $42 at BMO Capital
- NRG Energy’s (NYSE:NRG) CEO Departs amid Management Shakeup
- NRG Energy backs FY23 adjusted EBITDA view $3.15B-$3.3B
- NRG Energy CEO Mauricio Gutierrez departs, Lawrence Coben named interim CEO
- NRG Energy price target raised to $52 from $46 at Citi