Citigroup & GE Finance Construction of Texas Wind Farm and 2 Other Hot Stocks to Watch
Citigroup Inc. (NYSE:C): Current price $49.52
Citigroup, along with General Electric Co., is financing the construction of a 218-megawatt wind farm in Texas some 30 miles east of Amarillo. Pattern Energy Group LP, which is a closely-held renewable energy firm backed by the private-equity investor Riverstone Holdings LLC, has initiated construction.
Once completed in August of next year, the Panhandle Wind Project will employ 118 GE turbines, Pattern released Tuesday in a statement. Financials of the deal were not reported but a Citigroup division, Citigroup Energy, will buy the power under a long-term arrangement.
Facebook Inc. (NASDAQ:FB): Current price $37.85
Shares are up modestly Tuesday on a Buy from analyst Tony Wible at Janney Capital as he initiated coverage. Early on, Facebook had been up by 1.7 percent at $38.44, edging above its initial public offering price of $38. Wible began his on the stock with a positive note, pointing to the firm’s momentum in mobile along with other potential growth drivers.
Zynga Inc. (NASDAQ:ZNGA): Current price $2.80
After Monday’s close, analyst Murali Sankar at Janney Capital Markets began coverage of Zynga with a Sell. Sankar’s rationale was that the firm is well-positioned given advertising trends, the increasing use of mobile devices, and the second screens phenomenon, noting as well that, “substantial opportunities exist around a restructuring and reinvestment of cash.” However, the analyst also said that that these positives are surpassed by “massive” concentration risk in the business model and present competition, marketing constraints, and consumer fatigue. Beyond that, Sankar sees the risks as excessive and sets a fair value estimate of $2.50.