Evercore ISI analyst Durgesh Chopra raised the firm’s price target on Vistra to $72 from $42 and keeps an Outperform rating on the shares. Given the 2023 underperformance for utilities and taking into account absolute valuation, relative valuation and valuation versus bond yields, Evercore is more constructive on the group and likes the risk/reward into 2024 and long term under the assumption that yields stabilize and move lower. In 2024, the firm expects utilities to be an In Line to relative outperformer. Under a soft-landing scenario, the firm expects the group to perform in line with the market, but if the economy weakens and the recession is worse than expected, the sector could outperform as investors move towards defensive stocks, the analyst tells investors.
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