Wunderlich Maintains Buy on NRG Energy (NRG)

Wunderlich is out with its report today on NRG Energy (NYSE: NRG), maintaining Buy.

In a note to clients, Wunderlich writes, "NRG Energy reported 4Q adjusted EBITDA of $444mm vs. $489mm a year ago (our estimate was $462mm). The modest miss was driven by higher costs and lower revenues. However, NRG's conference call to discuss results was dominated by the company's ongoing pursuit of nuclear. Despite saying a final decision would be made in 3Q11, and hinting (less than clearly) that moving forward was contingent upon a loan guarantee, an offtake agreement, and additional equity partners, NRG failed to reduce investor angst over the issue and likely re-ignited concern. We doubt an offtake agreement on reasonable terms is achievable in a low gas price environment. We continue to have a Buy rating on NRG."

Wunderlich maintains a $24 PT on NRG.

At the time of posting, shares of NRG were trading pre-market at $20.50, up 2.65% from Friday's close.