Wells Fargo Upgrades CenterPoint Energy (CNP) to Outperform; Valuation And Midstream Momentum

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Wells Fargo upgraded CenterPoint Energy (NYSE: CNP) from Market Perform to Outperform with a price target range raised to $22-$23 (from $21-$22).

Analyst, Sarah Akers, said, "Our more constructive outlook largely reflects increased confidence that CNP will find opportunities to deploy capital in value-accretive projects. Our new/previous 2012-15E EPS are $1.18/$1.18, $1.29/$1.30, $1.36/$1.37 and $1.40/$1.42...We see upside potential to our analysis should CNP execute investment opportunities beyond our $500MM assumption and, longer-term, form an MLP. While we believe the company’s gathering footprint in traditionally dry gas areas and the current low gas price environment could prove challenging near term, this presents longer-term value creation potential."

For an analyst ratings summary and ratings history on CenterPoint Energy click here. For more ratings news on CenterPoint Energy click here.

Shares of CenterPoint Energy closed at $20.43 yesterday, with a 52 week range of $18.07-$21.47.

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