UPDATE: Credit Suisse Reiterates On NextEra Energy As Long-Term Story Keeps Getting Better

In a report published Monday, Credit Suisse analyst Dan Eggers reiterated an Outperform rating on NextEra Energy Inc (NYSE: NEE), and raised the price target from $95.00 to $109.00.

In the report, Credit Suisse noted, “NEE's call unintentionally highlighted the challenge the market has been facing with the stock (which has lagged modestly YTD). Mgmt continues to find opportunities to grow longer-term earnings with 3Q14 producing a better wave of renewable project contracts signed and more coming in 4Q, more FP&L rate base growth with solar (225 MW) and gas reserves into rate base as better O&M controls avoid a base rate increase, and faster NEP drop downs (including ability to drop new wind as they have crafted a new tax equity design). In turn, NEE came out supporting and extending their financial targets reaffirming disappointment if they don't hit the $6 EPS target for 2016, see durability in 5-7% EPS growth to 2018, and expect 8-10% cash flow growth; all of which is great when combined with the 2.6% yield targeted to grow with EPS.”

NextEra Energy closed on Friday at $100.22.