Jefferies has downgraded Vistra Energy Corp. (VST.US) from "Buy" to "Hold" and reduced its price target from $241 to $230, citing concerns over the company's failure to announce any data center deals for its Comanche Peak nuclear plant.

Jefferies analyst Julien Dumoulin-Smith stated that given Vistra Energy Corp.'s stock price is near all-time highs, he is stepping back to observe from the sidelines. The current stock price fully reflects a 100% probability of Comanche nuclear contract pricing at $100/MWh and a 75% probability of PJM nuclear assets contract pricing at $88/MWh.

Dumoulin-Smith expressed optimism about Vistra's power business but noted difficulty in ignoring the growing political risks in Texas and PJM. He added surprise at the strong performance of independent power producers and Vistra's failure to secure related deals.

The analyst indicated he remains confident about the Comanche deal, but the absence of related announcements has given them "a moment of hesitation." He recently learned that related agreements must undergo the approval process under Texas Senate Bill 6.

"While we believe all these potential issues are process-related, they do affect confidence in whether Vistra can complete the Comanche project and other deals in a timely manner," Dumoulin-Smith stated.

As of Tuesday's U.S. stock market close, Vistra fell 6.28% to $204.24. Year-to-date, the stock has gained 49%.