Jefferies Raises PT on Calpine Corp From $18.75 to $19.50

Jefferies & Company raised its price target on shares of Calpine Corp (CPN) from $18.75 to $19.50. Jefferies reports,"Calpine reported 1Q11 adjusted EBITDA of $303 million vs $282 million for the same period last year, slightly below our estimate of $315 million and consensus of $314 million." Calpine Corp. shares closed at $16.75 on Friday.