Jefferies Raises Price Target on Progress Energy (PGN), Tweaks Estimates

Jefferies is reaffirming its Hold rating on shares of Progress Energy (NYSE: PGN) and is increasing its price target from $47 to $51.

The firm notes that company has plans to file a base rate case in North Carolina in mid-2012 while the timing for a South Carolina filing is unclear. Jefferies believes that management will be able to achieve a rate settlement that will result in timely recovery of the Lee repowering project.

Jefferies is raising its 2011 and 2013 EPS estimates from $3.13 and $3.31 to $3.15 and $3.34. For 2012, the firm is reiterating its estimate of $3.15 and is introducing its 2014 estimate at $3.42.

For more ratings news on Progress Energy click here and for the rating history of Progress Energy click here.

Shares of Progress Energy closed at $50.15 yesterday.

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