NextEra Energy (NYSE:NEE) stock is on the move Tuesday after Evercore ISI analysts initiated coverage of the wind, solar, nuclear, coal and natural gas power company’s shares this morning.
Analyst Michael Lonegan is behind this news as he starts coverage of NEE stock with an “outperform” rating. To put that in perspective, the analysts’ consensus rating for NEE shares is moderate buy based on 13 opinions.
That new rating for NextEra Energy shares also comes with a price target of $43. That represents a potential upside of 47% for the stock. Even if it’s below the analysts’ consensus price prediction of $71.85 for NEE shares.
What’s Behind the Bull Stance on NEE Stock?
Here’s what the Evercore ISI analysts says about NextEra Energy in a note to clients obtained by CNBC.
“Investors may take time to regain confidence in NEP, but we expect that to come with execution of its simplified strategy and a consequent reduction in its cost of capital, provided interest rates do not rise materially.”
NEE stock is down 1.8% during pre-market trading on Tuesday. The company’s stock has also fallen 6.5% since the start of the year and is down 23.9% over the last 12 months.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.