NRG's investment in STP contributes to stock downgrade
According to the Wall Street Journal, Citigroup has downgraded shares of NRG Energy (NRG) to “Hold” from “Buy” and cut price targets to $25 from $27 on the stocks. Shares of NRG today are off 34 cents, or 1.6%, at $20.83.
Citigroup analyst Brian Chin warns that NRG’s investment in the South Texas Plant (STP) nuclear power plant expansion continues to consume resources without a clear indication from the U.S. Department of Energy that they will receive a loan guarantee for the plant, impacting investor enthusiasm.
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