Wunderlich Securities Initiates Coverage on ITC Holdings Corp (ITC) with a Hold
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Wunderlich Securities initiates coverage on ITC Holdings Corp (NYSE: ITC) with a Hold. Price target $47.
Wunderlich analyst says, "We believe ITC has very solid earnings growth prospects as a result of transmission investment - particularly in their owned systems in Michigan, Iowa, and surrounding areas. ITC is positioned to grow earnings 15% annually over the next five years. However, the stock price appropriately reflects that potential, trading at 10.5 times our 2010 EBITDA estimate and 17.7 times our 2010 earnings estimate. Further, we believe returns could decline modestly with upcoming changes at FERC, and competition for new projects outside of the Michigan and Iowa area could be increasing."
To see more analyst ratings on ITC Click Here.
ITC Holdings Corp., through its subsidiaries, engages in the transmission of electricity in the United States.
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