ARGUS Maintains 'Buy' on CenterPoint Energy (CNP), Lowers Price Target to $20
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ARGUS maintains 'Buy' rating on CenterPoint Energy (NYSE: CNP), but lowers price target from $23 to $20. based on peer valuation metrics and our discounted cash flow analysis.
ARGUS analyst says, "CNP shares are off 14% year-to-date on price weakness unrelated to company fundamentals. We believe that the decline is unwarranted and that it offers investors an attractive entry point. We expect continued growth in CenterPoint's EPS. We expect increases in the company's annual kilowatt-hour sales of 1.9%-2% in 2008 and 2009, along with natural gas throughput demand growth of 1.2%-1.3%, reflecting healthy economic conditions in the company's service territories. Expense controls are in place, cash flow is growing steadily, and the company has adopted a 'back-to-basics' approach, with a focus on core utility and gas pipeline operations. Moreover, we believe that CNP benefits from fair and balanced regulation at both the state and federal levels."
CenterPoint Energy, Inc. is a public utility holding company.[SM]
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