Wunderlich Securities Downgrades OGE Energy Corp (OGE) to Hold; Valuation Call
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Wunderlich Securities downgrades OGE Energy Corp (NYSE: OGE) from Buy to Hold. Price target $35.
Wunderlich analyst says, "Though we continue to like the fundamental story for OGE Energy, we are downgrading the to Hold, based on valuation. The stock now trades at 11.8 times our 2010 EPS estimate and 7.2 times our 2010 estimate. These metrics compare with 11.9 and 7.1 for OGE's peers, respectively. OGE remains poised to grow through investments in renewables and transmission, which should drive about 8% annual earnings growth. The company's strong management remains a key element of the story."
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