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Fly News Breaks for February 6, 2017
CPN
Feb 6, 2017 | 08:07 EDT
As previously reported, Morgan Stanley downgraded Calpine to Equal Weight from Overweight and reduced its price target to $13 from $18. Analyst Stephen Byrd sees risk from renewables and storage in California. The analyst expects the state to increase its current storage procurement targets, reducing the need for conventional gas generation. As a result, Byrd believes Calpine's EBITDA will fall by approximately $300M in 2015-2025 as contracts expire, and rates reset lower.
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