S&P Equity Research Downgrades Mirant (MIR) to Hold
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S&P Equity Research downgrades Mirant (NYSE: MIR) from Buy to Hold.
S&P analyst, C. Muir, says, "MIR posts Q1 loss of $0.65 vs. loss of $0.56, worse than our estimate. Revenues were lower than we expected, mark-to-market losses were higher, and per-revenue non-fuel operating expenses increased, partly offset by per-revenue fuel expenses that were lower than we expected. We continue to like MIR's substantial share repurchase program, which has reduced shares outstanding by about 33% since '06, but we think the stock is now fairly valued. We are lowering our '08 EPS estimate by $0.14 to $1.93. We are keeping our '09 EPS estimate at $2.37 and our 12-month target price at $47."
Mirant Corporation (Mirant) is an energy company that produces and sells electricity in the United States.[SM]
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