Seaport Research raised the firm’s price target on NRG Energy (NRG) to $95 from $93 and keeps a Buy rating on the shares. The firm continues to scrutinize the valuations and cash generation of thermal and renewable power IPPs, struggling to see growth in cash EBITDAs of large renewable power developers despite billions in annual investments, the analyst tells investors. Meanwhile, thermal IPPs are expanding their gas/nuclear plants under long-term contracts and yet “no one tries to strip out their devco-related overheads or assign billions to their internal plant development capabilities,” the firm adds.
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