Drax Group (DRX) Lifted to “Buy” at HSBC

HSBC upgraded shares of Drax Group (LON:DRX) to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has GBX 430 ($5.62) price target on the stock, down from their previous price target of GBX 440 ($5.75).

Several other research firms have also weighed in on DRX. Royal Bank of Canada reissued a top pick rating and issued a GBX 500 ($6.53) target price (up previously from GBX 480 ($6.27)) on shares of Drax Group in a report on Monday, October 15th. Morgan Stanley restated an equal weight rating and issued a GBX 380 ($4.97) price objective on shares of Drax Group in a research report on Monday, September 10th. Credit Suisse Group restated an outperform rating on shares of Drax Group in a research report on Monday, October 29th. Jefferies Financial Group downgraded Drax Group to a hold rating in a research report on Tuesday, October 30th. Finally, JPMorgan Chase & Co. upped their price objective on Drax Group from GBX 350 ($4.57) to GBX 400 ($5.23) and gave the company an overweight rating in a research report on Tuesday, September 25th. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of GBX 400.38 ($5.23).

Drax Group stock opened at GBX 363.80 ($4.75) on Tuesday. Drax Group has a fifty-two week low of GBX 218 ($2.85) and a fifty-two week high of GBX 368.70 ($4.82).

About Drax Group

Drax Group plc, together with its subsidiaries, engages in the generation and supply of electricity in the United Kingdom. It operates through three segments: Power Generation, Pellet Production, and B2B Energy Supply. The company owns and operates Drax Power Station that produces electricity from biomass located in Selby, North Yorkshire; and develops open-cycle gas turbine projects.

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