Benzinga - by Priya Nigam, Benzinga Staff Writer.
NextEra Energy Inc (NYSE:NEE) shares tanked in early trading on Wednesday, but have since then moved upwards after the company reaffirmed its guidance.
The company's guidance appears conservative, given the strong performance over the last three months, according to Goldman Sachs.
The NextEra Energy Analyst: Carly Davenport maintained a Buy rating while raising the price target from $74 to $81.
The NextEra Energy Thesis: At its Analyst Day, the company focused on power demand growth in the U.S., which is poised for an inflection, Davenport said in a note.
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NextEra Energy's long-term growth prospects remain strong and continue to expand "with the expected inflection in power demand growth, even though logistically, it will take time for these projects to be built and contribute to earnings," the analyst stated.
Management also highlighted the competitive advantages of the company's renewable business, Davenport added.
"We continue to see risk around estimates as skewed to the upside," Davenport wrote, adding that the recent pullback in the stock represents a "buying opportunity."
NEE Price Action: Shares of NextEra Energy are up 0.30% to $72.96 at the time of publication on Wednesday.
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Photo: Courtesy of NextEra Energy, Inc.
Latest Ratings for NEE
| Mar 2022 | Keybanc | Upgrades | Sector Weight | Overweight |
| Feb 2022 | Morgan Stanley | Maintains | Equal-Weight | |
| Jan 2022 | Wells Fargo | Maintains | Overweight |
View the Latest Analyst Ratings
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