Wunderlich Securities Downgrades NV ENERGY (NVE) to Hold; Weak Recovery in 2010
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Wunderlich Securities downgrades NV ENERGY (NYSE: NVE) from Buy to Hold. Price target lowered from $13 to $11.
Though we continue to expect sales growth for NVE in 2010, the sales decline in 2009 (down 3% YTD) and a weak recovery in 2010 will make it difficult for NVE to collect the full $221 million rate increase regulators authorized earlier this year. This, coupled with lower residential usage per customer trends, suggests earnings will be lower than we previously expected in 2010 and 2011. We are reducing our EPS estimates to $1.00 and $0.95 for 2010 and 2011, respectively. EPS in 2012 will be closer to $1.20, once revenues reflect the asset addition of the Harry Allen power plant."
To see more analyst ratings on NVE Click Here.
NV Energy, Inc., through its subsidiaries, engages in the generation, transmission, and distribution of electric energy in southern Nevada.
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