NRG Energy Inc

NRG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$65.00	Kzkd	Kzdsplqrf

NRG Energy Earnings: Investors Should Monitor Synergies With Vivint

Travis Miller

May 5, 2023

We are reaffirming our $37 fair value estimate for NRG Energy after the company announced $646 million of adjusted EBITDA in the first quarter, up from $506 million in the year-ago quarter after adjusting for power plant retirements in 2022. We are reaffirming our no-moat rating, stable moat trend rating, and High Morningstar Uncertainty Rating.

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