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Equities researchers at Wunderlich assumed coverage on shares of Spark Energy (NASDAQ:SPKE) in a research report issued on Monday, reports. The firm set a “buy” rating and a $20.00 price target on the stock.

The analysts wrote, “We are initiating coverage of Spark Energy Inc. (SPKE) with a Buy rating and a $20.00 price target. The firm operates as a retail energy services provider for ~270,000 customers across 16 states with competitive markets and choices for natural gas and electricity providers beyond the local incumbent utility. We believe the firm’s scalable business model and experienced management team position it well for future growth as it continues to execute an aggressive customer acquisition program. The shares carry an 8.1% dividend yield, attractive growth prospects, and a strong balance sheet. Our $20 price target equates to 5.3x our forecast of 2015 EBITDA, which compares to the 3.6×-6.7x EBITDA valuation range for private market acquisitions of similar energy retailers.”

Spark Energy (NASDAQ:SPKE) opened at 17.87 on Monday. Spark Energy has a 52 week low of $16.81 and a 52 week high of $18.38. The stock has a 50-day moving average of $17.54 and a 200-day moving average of $17.54. The company’s market cap is $245.7 million.

Spark Energy, Inc is an independent retail energy services company. The Company provides residential and commercial customers in markets across the United States with an alternative choice for their natural gas and electricity.

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