Jefferies downgraded Talen Energy Corporation from Buy to Hold on June 23, while raising its price target from $409 to $453. The firm cited valuation after the stock surged over 30% between June 10 and June 22, leaving it fairly valued, and noted a more challenging outlook for securing contracts for existing gas-fired power plants. The revised target implies an upside of more than 12% from current levels. Talen recently completed the acquisition of the Lawrenceburg Power Plant in Indiana and the Waterford Energy Center and Darby Generating Station in Ohio from Energy Capital Partners, expanding its portfolio to nearly 16 gigawatts.
Talen Energy CorporationJefferies downgraded Talen from Buy to Hold due to valuation after a 30% surge and a more challenging outlook for gas-fired power plant contracts.