Goldman Sachs Reinstates Coverage on Northeast Utilities (NU), Adds to Conviction Buy List

Goldman Sachs reinstates coverage on Northeast Utilities (NYSE: NU) with a Conviction Buy list rating and $39 price target.

Goldman said the stock commands a premium multiple given: (1) minimal rate case risk through 2014, (2) significant transmission earnings growth potential at higher authorized returns, (3) cost-savings potential over the next 3-plus years, and (4) solid expected dividend growth, including a 11% increase in 2013.

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 $35.72 yesterday.

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