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NT2 [O-PF +13%] - Short term challenges but still high yield with long term potential - Update

We lower our target price for NT2 by 4.8% following an unexpected significant drop in competitive generation market (CGM) prices due to the faster-than-expected arrival of La Nina. However, given a 9.2x forward P/E and sustainable 7.3% dividend yield, we think the stock is still attractive.