UPDATE: Credit Suisse Raises Price Target On NextEra Energy To Better Reflect NEP

In a report published Friday, Credit Suisse analyst Dan Eggers reiterated an Outperform rating on NextEra Energy Inc (NYSE: NEE), and raised the price target from $109.00 to $120.00.

In the report, Credit Suisse noted, “In parallel with our initiation on NextEra Energy Partners (NEP), we are updating our estimates and target to $120 to more fully reflect the value of NEP to NEE shareholders, which we see through: 1) the benefit of redeployed cash received with the projected asset drops into NEP, 2) the GP distributions, and 3) the earnings from NEP that used to be part of NEER. We still like NEE shares and think the higher growth outlook (particularly on cash flow per share) to be highlighted at the analyst day will sustain outperformance.”

NextEra Energy closed on Thursday at $107.59.