Why Evercore Turned Cautious on XPLR Infrastructure’s (XIFR) Turnaround Path

XPLR Infrastructure, LP (NYSE:XIFR) is one of the 10 Best Renewable Energy Stocks to Buy Now. On March 5, 2026, Evercore ISI downgraded XPLR Infrastructure to In Line from Outperform and cut its price target to $11 from $15. The firm said the company’s balance-sheet simplification will take time and that investor enthusiasm around the turnaround story has faded as the market has shifted more toward growth-driven strategies. Evercore also said the units may remain rangebound until XPLR can revisit its growth algorithm.

The downgrade came after XPLR reported fourth-quarter 2025 adjusted EBITDA of $396 million, which came in below consensus estimates, while free cash flow before growth (FCFBG) was $111 million and topped Street expectations. For the full-year 2025, the company posted adjusted EBITDA of $1.878 billion and free cash flow before growth of $746 million. Management said the quarter was affected by softer wind resources, at 95% of the long-term average, and the absence of certain one-time items, while the full-year results reflected stable contracted performance despite portfolio pruning and weather variability. XPLR reaffirmed its 2026 guidance for adjusted EBITDA of $1.75 billion to $1.95 billion and free cash flow before growth of $600 million to $700 million.

Why Evercore Turned Cautious on XPLR Infrastructure’s (XIFR) Turnaround Path

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XPLR Infrastructure, LP (NYSE:XIFR) is a limited partnership based in Juno Beach, Florida, with a portfolio of contracted clean energy assets across wind, solar, and battery storage projects in the United States.

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