Citi Raises CPN PT to $19

Citi Raises CPN PT to $19 Citi has issued a report raising the Price Target of Calpine Corp. CPN from $15 to $19. According to Citi, "We are lifting our target to $19 from $15 due primarily to higher spark spreads since our last model update and changing our base valuation year to 2013 from 2012. Since our last model update on 11/11/10, peak spark spreads in California have risen 33%, while peak spark spreads in Texas were up 2%. This was partially offset by a 17% drop in PJM peak spark spreads." CPN has a Buy/High Risk Rating. CPN closed at $15.12 yesterday.