NRG Energy (NYSE:NRG) sank to a 52-week low in today’s trade, but Credit Suisse sees a buying opportunity, rating shares at Outperform with a $30 price target an implying an 83% rise from today's close.
The firm says it has been surprised by the sharply negative investor reaction to NRG's "well-reasoned plan" to cut costs and reduce debt, and that the move felt like capitulation on competitive power broadly and the better known NRG specifically from a market looking to duck commodity exposure in a risk-off backdrop.
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