2025-06-11-Jefferies-塔伦能源（TLN）_完善IPP模式_加倍投入价值几何_目标价升至336美元_16页_1mb

Talen Energy received a "Buy" rating from Jefferies with an updated price target of $336, up from $266, reflecting an 8% FCF yield. The valuation is driven by an expanded Amazon contract for 1,920 MW of nuclear power at an average $85/MWh, contributing approximately $228 per share. Key financial projections show EBITDA doubling by 2033 and adjusted FCF reaching $982 per share, supported by debt reduction and $500 million annual share repurchases. The company benefits from rising demand for clean energy and data center capacity in regions like Pennsylvania. Risks include regulatory challenges, commodity price volatility, and operational uncertainties, but the deal positions Talen for long-term growth.