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Calpine (NYSE:CPN) was downgraded by analysts at UBS AG from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $22.00 price target on the stock. UBS AG’s price objective would indicate a potential upside of 7.63% from the company’s current price.

The analysts wrote, “We’re downgrading shares to Neutral from Buy following its latest move, and our concerns around TX (Guadalupe being potentially dilutive to ’15 multiple) and CA. While developments in the Northeast are constructive, we see its more limited footprint and exposure to upcoming PJM capacity auction in (E)MAAC as less than ideal.”

Shares of Calpine (NYSE:CPN) traded down 2.10% during mid-day trading on Wednesday, hitting $20.01. The stock had a trading volume of 8,786,832 shares. Calpine has a one year low of $18.18 and a one year high of $22.16. The stock’s 50-day moving average is $19.28 and its 200-day moving average is $19.37. The company has a market cap of $8.585 billion and a P/E ratio of 619.39.

Calpine (NYSE:CPN) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.07) by $0.21. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter last year, the company posted $0.22 earnings per share. Calpine’s revenue was up 5.2% compared to the same quarter last year. On average, analysts predict that Calpine will post $0.65 earnings per share for the current fiscal year.

A number of other firms have also recently commented on CPN. Analysts at Ned Davis Research upgraded shares of Calpine from a “sell” rating to a “neutral” rating in a research note on Tuesday. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Calpine in a research note on Friday, February 14th. They now have a $21.00 price target on the stock, down previously from $22.00. Finally, analysts at Zacks upgraded shares of Calpine from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 13th. They now have a $21.20 price target on the stock. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $22.91.

Calpine Corporation (NYSE:CPN) is an independent wholesale power producer in the United States.

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