Jefferies Cuts Price Target on Entergy (ETR) to $74 Following new Guidance
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Jefferies maintained a Hold rating on Entergy Corp (NYSE: ETR), and cut the price target to $74.00 (from $85.50), following the company's 3Q earnings report. Entergy lowered 2017-2018 earnings guidance at UP&O due to nuclear spending, higher expected pension expense, and lower retail sales growth. Management hopes to offset these negatives with rate actions, expense reductions, and interest savings through debt refinancing.
Analyst Anthony Crowdell commented, "ETR reported 3Q16 operational earnings of $2.31, versus our estimate of $2.05, Consensus of $2.02, and last year's earnings of $1.90. Management introduced the earnings impact of the nuclear sustainability plan - increased spending of $1.4B over the next three years - and lowered Utility Parent & Other earnings for 2017-2018 and EWC EBITDA guidance for 2017-2019."
Shares of Entergy Corp closed at $72.48 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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