Wells Fargo Downgrades NextEra Energy (NEE) to Market Perform; Valuation Call

Wells Fargo downgraded NextEra Energy (NYSE: NEE) from Outperform to Market Perform with a price target of $64.00.

Wells analyst says, "We are downgrading shares of NEE as shares are approaching our new 12-18 month valuation range of $63-64/share. While we have been encouraged by regulatory developments in Florida over the last year and consider NEE’s leadership position in renewable development to be somewhat underappreciated by investors, there are some fundamental considerations behind our neutral rating. These include the expiration of the renewable tax credits at year-end 2012, the recent deterioration in the forward power curves and an upcoming rate case in Florida."

For an analyst ratings summary and ratings history on NextEra Energy click here. For more ratings news on NextEra Energy click here.

Shares of NextEra Energy closed at $60.85 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• NextEra Energy (NEE) PT Lowered to $93 at BMO Capital
• Wolfe Research Downgrades T-Mobile (TMUS) to Peerperform
• Wells Fargo Downgrades Bio-Techne Corp. (TECH) to Equal Weight