Is Blackstone's Offer For NRG Too Low? (BX, NRG)
Pritchard Capital Partners has updated its research on Dynegy, Inc. (NYSE: DYN) and forecasts potential big changes in the near future.
Pritchard writes "We believe there remains a small probability The Blackstone Group L.P. (NYSE: BX)($10.77) may increase its offer and recommend shareholders maintain their positions. Our price target is reduced to $4.50 from $5.50, due to the end of the "Go Shop" period."
According to Pritchard, NRG's CEO is remaining cautious, as "[On] the afternoon of September 23, 2010, following a panel discussion on electric vehicles at the Washington Post in downtown Washington, D.C., we had the opportunity to briefly discuss the DYN transaction with David Crane, CEO of NRG Energy ($20.60-N-$24). He expressed caution because the shareholder vote is needed and some shareholders were unhappy with the BX offer."
Pritchard currently has a Neutral rating and new price target of $4.50 for Dynegy Inc., which closed yesterday at $4.52.
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