Jefferies Ups Price Target on CenterPoint Energy (CNP), Comments on Current Position
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Price: $40.40 -0.35%
Rating Summary:
14 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 5 | New: 8
Rating Summary:
14 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 5 | New: 8
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Jefferies is maintaining its Hold rating on shares of CenterPoint Energy (NYSE: CNP) and is raising its price target by $0.50 to $20.50.
Following the testimony of investors and an amended application, the firm now estimates a $0.03-$0.05 upside to its post 2011 earnings estimate, which represents a recovery of $2.3 billion on the best case scenario.
Jefferies forecasts downside potential of a loss of $0.02 per share which only is based on $1.7 billion in recovery.
If the PUC does not agree to the Joint Intervenors and Staffs motion, a hearing that is currently scheduled for October 13th and 14th may be postponed until November 28th through the 30th.
An analyst at Jefferies comments, "We believe the most controversial of remaining issues to be addressed are the errata recently filed by the company--which could increase the true-up award by $452 million-and the amount of debt to be included under the sale-of-assets valuation method."
The firm estimates EPS of $1.15 for 2011, $1.22 for 2012, $1.37 for 2013, and $1.48 for 2014.
For more ratings news on CenterPoint Energy click here and for the rating history of CenterPoint Energy click here.
Shares of CenterPoint Energy closed at $19.88 yesterday.
Following the testimony of investors and an amended application, the firm now estimates a $0.03-$0.05 upside to its post 2011 earnings estimate, which represents a recovery of $2.3 billion on the best case scenario.
Jefferies forecasts downside potential of a loss of $0.02 per share which only is based on $1.7 billion in recovery.
If the PUC does not agree to the Joint Intervenors and Staffs motion, a hearing that is currently scheduled for October 13th and 14th may be postponed until November 28th through the 30th.
An analyst at Jefferies comments, "We believe the most controversial of remaining issues to be addressed are the errata recently filed by the company--which could increase the true-up award by $452 million-and the amount of debt to be included under the sale-of-assets valuation method."
The firm estimates EPS of $1.15 for 2011, $1.22 for 2012, $1.37 for 2013, and $1.48 for 2014.
For more ratings news on CenterPoint Energy click here and for the rating history of CenterPoint Energy click here.
Shares of CenterPoint Energy closed at $19.88 yesterday.
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