KeyBanc Downgrades NorthWestern Corp. (NWE) to Hold
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KeyBanc downgrades NorthWestern Corp. (NYSE: NWE) from Buy to Hold.
The firm believes that the state of Montana has taken a negative view on NorthWestern's proposed sale of its Colstrip plant, eventually leading to an overhang in the company's shares. KeyBanc said, "While NWE believes that it has a strong legal position, we believe the issue could become protracted and prove an overhang on the shares."
KeyBanc recommends that investors wait on the sidelines before buying shares of NorthWestern and said it will revisit a higher rating "if the issue looks like it could be reasonably resolved."
NorthWestern Corporation, doing business as NorthWestern Energy provides electricity and natural gas in Montana, South Dakota, and Nebraska. [BCS]
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