BofA analyst Julien Dumoulin-Smith upgraded NRG Energy (NRG) to Neutral from Underperform with a price target of $32, down from $38, following the company’s announcement of an agreement to acquire Vivint Smart Home (VVNT). NRG shares have sold off "precipitously" since the deal announcement, bringing them to a level which he believes represents fair value pending more visibility into Vivint’s growth and free cash flow trajectory, Dumoulin-Smith tells investors.
Published first on TheFly
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