Jesup & Lamont Downgrades TECO Energy (TE) to Hold
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Jesup & Lamont downgrades TECO Energy (NYSE: TE) from Buy to Hold. Fair value lowered to $14-15 per share, compared to previous price target of $19.
Jesup analyst says, "We have lowered our 2009 and 2010 EPS estimates to reflect significantly lower coal contributions given the current spot and forward market for coal. The demand for metallurgical coal diminished significantly over the past 60-days and some steel producers are asking for shipments to be delayed. Metallurgical coal that could garner $200/ton two months ago would likely collect half that value in today's market...We expected TE to use the gains to fund Tampa Electric infrastructure investment and earn utility-like returns. However, given the material and sustained decline in metallurgical coal demand and likely prices, we do not expect such gains to materialize over the near-term."
TECO Energy, Inc. (TECO Energy) is a holding company for regulated utilities and other businesses.
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