Soleil Securities Downgrades Cleco (CNL) to Hold on Price Alone

Soleil Securities downgraded Cleco (NYSE: CNL) from Buy to Hold. PT increased to $36.50.

Soleil analyst says, "CNL's 1Q was actually pretty good, but more normal weather versus very cold last year impacted core utility Cleco Power by $(0.20)/shr...Management reaffirmed 2011 guidance at $2.25-$2.35/shr, and we raise our 2011E by two cents to $2.32—-toward the upper end of guidance...We now value CNL at 15.2x our 2012E of $2.40/shr, or $36.50. With stock near valuation, we downgrade on price alone."

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

Shares of Cleco closed at $35.46 yesterday.

---

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

---

You May Also Be Interested In

• One Mine Stake Is Already Worth Nearly 3X This Company's Entire Market Cap
• JPMorgan Downgrades Klarna (KLAR) to Neutral
• UBS Downgrades Cellnex Telecom (CLNX:SM) (CLNXF) to Neutral