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, starting coverage of NEE stock with an “outperform” rating. To put that in perspective, the analyst consensus rating for shares is a 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 analyst consensus price prediction of $71.85 per share.
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 [NEE], 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.
Investors who are seeking out even more of the most recent stock market stories are going to want to keep reading!
We are offering up all of the hottest stock market coverage traders need to know about on Tuesday! A few examples include a new price target for Nvidia (NASDAQ:NVDA) stock, why shares of Polished.com (NYSEMKT:POL) stock are falling, as well as what’s keeping G1 Therapeutics (NASDAQ:GTHX) shares down today. You can read up on all of these matters by checking out the following links!
More Stock Market News for Tuesday
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- Why Is Polished.com (POL) Stock Down 33% Today?
- Why Is G1 Therapeutics (GTHX) Stock Down 45% Today?
On the date of publication, William White did not hold (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.
