We maintain a BUY rating and our target price of 27,200/share for NT2 as our higher 2021-2024 NPAT forecast compensates for our lower 2020 NPAT forecast. We cut our 2020 NPAT forecast by 4.9% as the positive impact of our lower gas price assumption fails to compensate for the negative impact of our lower sales volume and competitive generation market (CGM) price assumptions.