Citi Upgrades Teco Energy (TE) to Buy
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Citi upgrades Teco Energy Inc (NYSE: TE) from Hold to Buy. Price target increased from $17.75 to $21.50.
Citi analyst says, "Our '09 estimate is up to reflect leverage to coal prices at TE Coal. While we are bullish on the prospects for coal, we are cautious on the prospects for the utility given declining customer growth / usage and two rate case proceedings likely taking place in a recessionary environment. Nonetheless, the pricing leverage TE has on its 11 million tons of expected coal production in 2011 appears quite meaningful and will likely more than offset any weakness at the utility...We expect earnings growth and strong cash flow generation through our forecast period, which should leave TECO in a position to retire high interest debt and improve its balance sheet...Its business mix, which includes coal mines and investments in Latin American power infrastructure, makes it more risky that the average "Defensive" regulated utility."
TECO Energy, Inc. (TECO Energy) is a holding company for regulated utilities and other businesses. [SM]
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