Davenport Upgrades TECO Energy (TE) to Neutral
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Davenport upgrades TECO Energy Inc. (NYSE: TE) from Sell to Neutral.
Davenport analyst says, "We are raising our rating on TECO Energy to Neutral solely on the basis of valuation. Since our report of 2/9/08, the shares have fallen approximately 20%, and are now trading slightly below our fair value range, which we would currently put at $10-$11 per share...We are leaving our EPS estimates of $1.02, $1.09, and $1.05 for the years 2009-2011, respectively, unchanged. While we believe the company will maintain the current $0.80 annual dividend rate, we note the relatively high payout ratios for the next three years implied by our estimates."
TECO Energy, Inc. (TECO Energy) is a holding company for regulated utilities and other businesses.
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