Analyst Note
| Travis Miller |We are reaffirming our $23 fair value estimate for Vistra Corp. after the company reported $761 million adjusted EBITDA in the second quarter and management reaffirmed its full-year EBITDA guidance range of $2.8 billion-$3.3 billion. We already were forecasting 2022 results at the high end of that guidance given the rise in power and gas prices. We are reaffirming our no-moat and negative moat trend ratings.