Analyst Note| Andrew Bischof, CFA, CPA |
We are increasing our fair value estimate to $75 per share from $68 after NextEra Energy reported full-year 2020 operating earnings of $2.31 per share, up 10.5% from 2019. We are reaffirming our narrow economic moat and stable moat trend ratings. Management reaffirmed its 2021 EPS guidance of $2.40 to $2.54 and 6% to 8% earnings growth through 2023. We expect NextEra to hit the upper end of both ranges.