- Dynegy (DYN +6.4%) is upgraded to Buy from Neutral with a $19 price target at Citigroup, which says the pullback in the shares following the Energy Capital buyout and Brexit seems overdone, particularly since Brexit has very little impact on the company.
- Citi believes DYN's debt restructuring could enhance its equity valuation, and cites the positive impact of the company's acquisition of the Engie portfolio.
- The firm adds that the Engie ownership is expected to generate additional annual synergies of ~$7.5M.