Vistra: Hold On A Mixed Q2 Picture

Vistra Corp. remains a hold as strong adjusted EBITDA growth is offset by declining sales and rising operating costs. VST's valuation has improved significantly, with PE dropping from 76x to 23.8x on accelerated earnings, but PB remains high at 15x. Strategic growth drivers include the Cogentrix acquisition, nuclear power agreements with AWS and Meta, and a new AI-focused partnership with Nvidia. Despite long-term potential in data centers and nuclear, near-term execution risks and margin volatility warrant patience before upgrading VST to a buy.