Bank of America (BofA) has upgraded Vistra (NYSE: VST) to “Buy” from “Neutral” and AES Corp (NYSE: AES) to “Neutral” from “Underperform”, citing improved capital discipline and a more focused growth strategy.

Key Takeaways
? Vistra (NYSE: VST) – Upgraded to “Buy”? Attractive valuation following recent stock underperformance.? Well-positioned to benefit from tightening power markets and rising demand.? Reduced capital spending by $1.3B, focusing on higher-return investments.? $300M cost-cutting initiative makes growth targets more achievable.? Price target lowered to $152 from $164 but still implies 23% total return potential.
? AES Corp (NYSE: AES) – Upgraded to “Neutral”? Capital spending cuts and a more realistic renewables growth target improve execution visibility.? Price target raised to $13 from $11, reflecting a more stable outlook.? Risks remain, particularly regarding asset sales and funding constraints.

Investor Outlook: What’s Next?
? Vistra’s disciplined capital allocation enhances its long-term growth prospects.? AES’s strategic shift reduces downside risks but still faces funding challenges.? Power markets tightening could provide a tailwind for both companies.
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Bottom Line: Vistra’s cost-cutting and disciplined growth strategy make it an attractive buy, while AES’s strategic adjustments improve its long-term execution potential.