Wells Fargo Starts NV Energy (NVE) at Market Perform; Strong Renewables-Related Growth Opportunities
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Price: $20.92 +1.60%
Rating Summary:
4 Buy, 9 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
4 Buy, 9 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade NVE Now!
Wells Fargo initiates coverage on NV Energy (NYSE: NVE) with a Market Perform. $15.50-16.50 valuation range.
Wells analyst says, "Our 2011E and 2012E EPS are $0.99 and $1.25, respectively. With strong renewables-related growth opportunities and a reasonably constructive regulatory climate in Nevada, we find NVE's regulated business model to be attractive. However, we see Nevada's weak economy, NVE's below-average dividend yield, and risk associated with NVE South's upcoming rate case as largely offsetting these positives. At the midpoint of our range, NVE would trade at about 12.8x our 2012 estimate. Given the offsetting investment pros and cons, we think this largely in line multiple is appropriate."
For more ratings news on NV Energy click here and for the rating history of NV Energy click here.
Shares of NV Energy closed at $14.87 yesterday, with a 52 week range of $11.18-$15.32.
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Wells analyst says, "Our 2011E and 2012E EPS are $0.99 and $1.25, respectively. With strong renewables-related growth opportunities and a reasonably constructive regulatory climate in Nevada, we find NVE's regulated business model to be attractive. However, we see Nevada's weak economy, NVE's below-average dividend yield, and risk associated with NVE South's upcoming rate case as largely offsetting these positives. At the midpoint of our range, NVE would trade at about 12.8x our 2012 estimate. Given the offsetting investment pros and cons, we think this largely in line multiple is appropriate."
For more ratings news on NV Energy click here and for the rating history of NV Energy click here.
Shares of NV Energy closed at $14.87 yesterday, with a 52 week range of $11.18-$15.32.
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