Stock Analyst Note
Vistra Energy Earnings: Widespread Power Market Rally Boosts Outlook, Valuation
We plan to raise our $32 per share fair value estimate for Vistra by about 25% to reflect a rally in Texas power markets during the last quarter and additional synergies from the Energy Harbor acquisition that closed in March. This follows our 23% fair value increase in March to reflect Vistra's higher hedged margin value. We are reaffirming our no-moat and High Uncertainty ratings.