Nextera Energy Partners slumps on trimming growth outlook
Updates
** Shares of Nextera Energy Partners NEP.N, a limited partnership formed by NextEra Energy NEE.N, down ~16% at $39.44
** Co now expects limited partner distribution per unit growth rate between 5% and 8% per year through at least 2026 vs its previous growth forecast between 12% and 15%
** "Tighter monetary policy and higher interest rates obviously affect the financing needed to grow distributions at 12%," says CEO John Ketchum
** Co also lowers year-end run-rate expectations for adjusted EBITDA to the range of $1.8 bln to $2.1 bln vs previous estimate of between $2.22 bln and $2.42 bln
** Raymond James lowers PT to $50 from $60, reiterates "outperform" rating
** Brokerage says smaller amount of growth capital could lead to the silver lining of no future unitholder dilution
** "We still anticipate a dropdown in mid-2024, albeit a smaller one" - brokerage
** Including session's move, stock down ~44% YTD
Reporting by Seher Dareen, Sourasis Bose and Tanay Dhumal in Bengaluru
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