Investor Feedback: Passionate Bulls & Bears; What is Next for Shares?

研报英文原文证据摘录

Investor Feedback: Passionate Bulls & Bears; What is Next for Shares?

NORTH AMERICA | Power & Utilities

Talen Energy EquityJuneResearch29, 2026

FLASH NOTEInvestor Feedback: Passionate Bulls & Bears;

RATING HOLDWhat is Next for Shares?

PRICE $404.09^

We received significant feedback on our Hold reinstatement from both

passionate bulls and bears. We remain skeptical about data center contracts on PRICE TARGET | % TO PT $453.00 | +12%

existing assets broadly, given the heightened focus on affordability and rising 52W HIGH-LOW $451.28 - $255.50

anti-data center sentiment. Bulls believe management can deliver on an existing FLOAT (%) | ADV MM (USD) 85.1% | 365.39

asset, driving TLN meaningfully higher. Investors are intrigued by the future of MARKET CAP $20.0B

and our/IPP's view that there is LT downside to pricing via reforms. TICKER TLN ^Prior trading day's closing price unless otherwise

noted.

Talen is a polarizing stock with strong opinions among both the bulls and bears. We highlight

significant and varied investor feedback to our recent reinstatement of coverage at Hold. Talen

remains a heavily debated stock, with strong views among both long and short investors. The core Exhibit 1 - IPP 2027, 2028, & 2029 Free

question is 'whether Talen can secure premium power purchase agreements (PPA) on existing Cash Flow Yields as Published Excluding

power plants?' Bulls say clearly yes while bears say outright no. Some investors acknowledge a Unannounced Data Centers & Buybacks

middle ground in “hybrid deals,” which could involve incremental new resources and additionality Excluding16% buybacks creates comparability

over time. 2027 2028 2029

14%

Overall, investor interest in independent power producers (IPPs) has declined in recent months. Talen 12%