Wholesale power producer Calpine (CPN +2.5%) is upgraded to Overweight with a new $21 target...

|About: Calpine Corporation (CPN)|By:, SA News Editor

Wholesale power producer Calpine (CPN +2.5%) is upgraded to Overweight with a new $21 target price based on improving fundamentals in Texas, where recent work by the state's public utility commission highlighted a tightening power market. Also cited: CPN's gas-fired profile not dependent on commodity prices, strong free cash flow generation, and a friendly shareholder track record.