UPDATE: ISI Group Downgrades Calpine Corporation to to Neutral on Valuation. FCF
January 24, 2013 at 13:59 PM EST
ISI Group downgraded Calpine Corporation (NYSE: CPN ) from Buy to Neutral and announced a $20.00 price target. ISI Group said, "CPN initiated 2013 Adjusted EBITDA guidance on its Q3 2012 earnings call (11/6/12). The $1.86 Bn midpoint of the range implies a ‘13 EBITDA multiple of 9.4x, among
