BUZZ-XPLR Infrastructure slides as brokerages cut PT

Shares of XPLR Infrastructure NEP.N slide over 9% to $10.74

XPLR, formerly called NextEra Energy Partners and formed by utility firm NextEra Energy NEE.N, works to acquire, manage and own contracted energy projects

Brokerages Wells Fargo and Scotiabank lower their PTs on co, following NEP's decision to reposition business to focus on funding renewable energy investments rather than raising capital

Wells Fargo slashes PT by 60% to $13 from $33; says it may take a while for shareholder base to turn over

Brokerage says co's decision to suspend distribution is a "painful but prudent move" as it provides NEP with more flexibility to pursue capital investment opportunities

Scotiabank lowers PT to $12 from $15; says it is struggling to craft a bullish thesis for NEP, which now offers no yield, negative EBITDA and FCF growth for the next two years and a flat outlook for 2026-2030

NEP now trades "in a category of its own, and not in a good way", says Scotiabank

NEP stock has fallen over 36% since Jan. 23 when it announced decision to rename itself