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  4. NextEra Energy the 'Biggest Winner' From the Inflation Reduction Act - BofA
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NextEra Energy the 'Biggest Winner' From the Inflation Reduction Act - BofA

By Sam Boughedda A Morgan Stanley analyst upgraded shares of NextEra Energy (NYSE:NEE) in a note Tuesday, increasing the price target to $99 per share from $94. In a wide-ranging...
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NextEra Energy the 'Biggest Winner' From the Inflation Reduction Act - BofA © Reuters. NextEra Energy (NEE) the 'Biggest Winner' From the Inflation Reduction Act - BofA

By Sam Boughedda

A Morgan Stanley analyst upgraded shares of NextEra Energy (NYSE:NEE) in a note Tuesday, increasing the price target to $99 per share from $94.

In a wide-ranging note, the analyst said they expect NEE to be one of the biggest beneficiaries of the Inflation Reduction Act, "which brings faster wind, storage, and battery storage growth for the next 10+ years."

He added: "The green hydrogen market is also poised to rapidly accelerate given new lucrative incentives and NEE is likely to be a major player in this nascent market — we incorporate $3/share of value for this opportunity. We think the renewables growth story has more room to run and with NEE trading at a valuation similar to the average of the last 5 years despite the improved renewables backdrop, we think there is attractive upside in the stock - Particularly with NEE only outperforming the UTY by 150bps since passage."

Meanwhile, a BofA analyst said in his note on Tuesday that NextEra Energy is the IRA's "biggest winner."

"The passage of the Inflation Reduction Act (IRA) creates expanded opportunities for renewables developers and investment in utilities broadly, but specifically for NextEra Energy (NEE), the legislation will both increase and lengthen the runway for renewables investments, accelerate investments in Hydrogen and other more novel investments, and likely drive a step up in solar investment at FPL," explained the analyst who reiterated a Buy rating and $94 price target on the stock.

"We see NEE as the best-positioned company in our universe to take advantage of the benefits that the bill provides," he added.

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01-05-2024 10:45:17 (UTC+7)

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-0.0008 (-0.07%)

Summary

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Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

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1.2475

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157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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Sell (0)

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0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

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1.3780

+0.0003 (+0.03%)

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168.32

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0.9808

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4,920.55

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8,144.13

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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