Wunderlich Securities Initiates Coverage on Northeast Utilities (NU) with a Buy
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Wunderlich Securities initiates coverage on Northeast Utilities (NYSE: NU) with a Buy. Price target $27.
Wunderlich analyst says, "We expect the combination of transmission and distribution capital spending and rate cases to drive 9% earnings growth for NU over the next five years. Our earnings estimates are $1.85, $2.00, and $2.25 per share for 2009, 2010, and 2011, respectively. Our $27 price target is premised upon a discounted cash flow (DCF) analysis, a comparables analysis, and a sum-of-the-parts analysis. We believe NU has strong cash flow, a solid balance sheet to support the spending plans, and a focused management team. Positive fundamentals and a discount valuation drive our Buy rating on NU shares."
To see more analyst ratings on NU Click Here.
Northeast Utilities, a public utility holding company, engages in the energy delivery business for residential, commercial, and industrial customers in Connecticut, New Hampshire, and western Massachusetts.
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