Wunderlich Maintains Buy On NRG Energy (NRG)

Wunderlich Securities is maintaining its Buy rating and $24 price target on shares of NRG Energy, Inc. NRG. In a note sent to clients Wunderlich writes, "Late yesterday, NRG Energy announced a contingent agreement with First Solar (FSLR-$137.04, Sell) to acquire a 290-megawatt (MW) solar development project in Arizona. The output will be sold under term contract to PG&E Corp. (PCG-NR). This is the fifth solar project announcement NRG has disclosed since September. Though investors remain more focused on NRG's core business, these solar acquisitions should create value in 2013 and beyond. Recent improvements in wholesale power prices, the potential to "fish or cut bait" on nuclear development in 1H11, and NRG's current valuation leave us firmly supporting our Buy rating." Shares of NRG lost 6 cents yesterday to close at $18.68.