S&P Equity Research Reiterates 'Buy' on Pepco Holdings (POM)
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S&P Equity Research reiterates a 'Buy' rating on Pepco Holdings (NYSE: POM).
S&P analyst, J. McCann, says"POM posts Q1 operating EPS of $0.49 vs. $0.27, $0.12 above our estimate. The sharp rise was driven by a rate increase in Maryland, and the exceptionally strong performance at the unregulated Conectiv Energy unit. The unregulated unit was aided by its dual-fuel generating capability and was able to capitalize on short term power and fuel price volatility to nearly double its operating income. We raise our '08 EPS forecast by $0.07 to $2.02 and our '09 projection by $0.02 to $2.10. We are keeping our 12-month target price of $31, a discount-to-peers P/E of 15.4X our '08 estimate."
Pepco Holdings, Inc. (PHI) is a diversified energy company, which, through its operating subsidiaries, is engaged primarily in two businesses: electricity and natural gas delivery.[SM]
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