UPDATE - UBS Initiates Coverage on AES Corp. (AES) with a Buy; Expecting Good Things From New Management

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AES Hot Sheet

Rating Summary:
3 Buy, 0 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

UPDATE - UBS initiates coverage on AES Corp. (NYSE: AES) with a Buy. PT $15.00.

UBS analyst said, "AES, the only publicly-traded global IPP in the US, recently appointed a new CEO, Andres Gluski. After taking office in Sept. 2011, the new manager has set a new direction, seeking to trim less profitable businesses, aggressively cut costs, and simplify its story (identifying 9 “core” countries vs. 27). Growth will be driven almost entirely by new coal/hydro plants in Chile and Southeast Asia, with minimal equity from the parent."

UBS also highlighted AES as the only IPP to have a common dividend (currently equal to 1.2% yield). Also, UBS analyst, Julien Dumoulin-Smith, expects to see accretive asset sales and selldowns to realize more portfolio value.

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