BofA/Merrill analyst Julien Dumoulin-Smith resumed coverage of NRG Energy with a Buy rating and $37 price target. The analyst notes NRG's $500M convertible debt note was paired with the completion of a "meaningful portion" of the company's $500M repurchase program, half the $1B expected in 2018. Execution of these buybacks will likely lift the share price in the near-term, Dumoulin-Smith tells investors in a research note. The analyst sees "meaningful upside" in NRG shares as Electric Reliability Council of Texas forwards "continue to climb" in 2018 and 2019.