Credit Suisse Downgrades CenterPoint Energy (CNP) to Underperform
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Credit Suisse downgraded CenterPoint Energy (NYSE: CNP) from Neutral to Underperform with a price target of $25.00 (from $24.00).
Analyst J. Edwards commented, "Despite the beat we are downgrading to Underperform (from Neutral) for a number of reasons: (1) Valuation (2) We expect further delay of CNPs strategic review regarding its ownership stake in ENBL (50% of the GP and 54% of the LP) (3) the potential for mean reversion given CNP's significant outperformance against MLPs over the last year). Our TP actually rises by $1, to $25 based on a generous 20x 2017E EPS and SOTP and together with the dividend equates to ~10% in total return which we expect would significantly lag our coverage, prompting us to downgrade."
Shares of CenterPoint Energy closed at $23.62 yesterday.
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