Davenport Upgrades TECO Energy (TE) to Neutral
TE Hot Sheet
Rating Summary:1 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Davenport upgrades TECO Energy Inc. (NYSE: TE) from Sell to Neutral.
Davenport analyst says, "We are raising our rating on TECO Energy to Neutral solely on the basis of valuation. Since our report of 2/9/08, the shares have fallen approximately 20%, and are now trading slightly below our fair value range, which we would currently put at $10-$11 per share...We are leaving our EPS estimates of $1.02, $1.09, and $1.05 for the years 2009-2011, respectively, unchanged. While we believe the company will maintain the current $0.80 annual dividend rate, we note the relatively high payout ratios for the next three years implied by our estimates."
TECO Energy, Inc. (TECO Energy) is a holding company for regulated utilities and other businesses.
Davenport analyst says, "We are raising our rating on TECO Energy to Neutral solely on the basis of valuation. Since our report of 2/9/08, the shares have fallen approximately 20%, and are now trading slightly below our fair value range, which we would currently put at $10-$11 per share...We are leaving our EPS estimates of $1.02, $1.09, and $1.05 for the years 2009-2011, respectively, unchanged. While we believe the company will maintain the current $0.80 annual dividend rate, we note the relatively high payout ratios for the next three years implied by our estimates."
TECO Energy, Inc. (TECO Energy) is a holding company for regulated utilities and other businesses.
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