Seeking Alpha

NextEra Energy started at Neutral by UBS

  • NextEra Energy (NEE -0.4%) is initiated with a Neutral rating and $79 price target at UBS, which believes NEE is the best play on U.S. wind but is offset by the need for an improved balance sheet.
  • UBS does not expect NEE to follow peers in forming a YieldCo; while its contracted nuclear plants and pipeline of wind projects could form the core of a growth company, the unpredictable and correlated nature of wind limits the ability to have a high (~90%) payout akin to the NRG Yield (NYLD) structure, the firm writes.
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