Jefferies Maintains Hold on Dynegy

Jefferies is out with its report today on Dynegy DYN, maintaining Hold. In its report, Jefferies writes, "We believe Dynegy is expensive at current levels based on our EV/EBITDA valuation absent unsecured debt refinancing. In order for the stock to become attractive, we projected the current unsecured debt levels should be refinanced at 75 cents on a $1. The company is using the current restructuring and new secured debt issuance to put pressure on the unsecured debt." Jefferies maintains a $6 PT on DYN. Shares of DYN closed Friday at $5.72.