DA Davidson Lowers Price Target on Hawaiian Electric (HE), Weak Q2 Results and Outlook

DA Davidson is reiterating its Neutral rating on shares of Hawaiian Electric (NYSE: HE) while lowering its price target by $0.50 to $24.50.

The company reported Q2 EPS of $0.28, below the firms estimate of $0.32 and the Street's $0.33 estimate. Net income fell 7 percent to $27.1 million as HE's total shares outstanding rose by 2 percent.

In the utility segment, EPS of $0.18 fell by $0.01 Y/Y with net income declining by 4 percent to $17 million. Revenue rose 25 percent due to higher fuel oil prices that were passed on to customers.

The firm is lowering its 2011 and 2012 EPS estimates from $1.41 and $1.83 to $1.39 and $1.77. DA Davidson is also tweaking its revenue estimates from $2.94 billion and $2.92 billion to $3.1 billion and $2.91 billion.

For more ratings news on Hawaiian Electric click here and for the rating history of Hawaiian Electric click here.

Shares of Hawaiian Electric closed at $22.54 yesterday.

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