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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