Wells Fargo Upgrades Northeast Utilities (NU) to Outperform; Recent Weakness Offers Opportunity

Wells Fargo upgraded Northeast Utilities (NYSE: NU) from Market Perform`to Outperform, valuation range to $38-39/share from $36-37.

Wells analyst says, "We are raising our rating on shares of Northeast Utilities (NU) and NSTAR (NYSE: NST) to Outperform. Since July 2011, shares of NU have fallen 4.1%, materially underperforming the S&P Utilities, which is up 2.4%. As a result, shares now trade in line with the Regulated Electric peer group multiples on our 2012-2014 estimated EPS of $2.44, $2.60 and $2.75. This compares with an average premium of 5-10% over the past 5 years due to above average growth prospects and higher relative percentage of FERC-regulated transmission earnings."

For an analyst ratings summary and ratings history on Northeast Utilities click here. For more ratings news on Northeast Utilities click here.

Shares of Northeast Utilities closed at $34.29 yesterday.

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