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Wells Fargo (WFC) Upgraded FPL Group (FPL) To Outperform
FPL Group (FPL), the largest producer of solar and wind power in the US, got a Wells Fargo upgrade today from Market Perform to Outperform. Hat tip to StreetInsider.com for the following analyst comment:
“We believe shares deserve a premium valuation given a comparatively strong EPS growth and credit profile and below average earnings variability due to lower commodity price sensitivity…We project 5-year annual EPS growth of 7-8% (off a 2008 ongoing EPS base of $3.84) driven primarily by planned regulated infrastructure investment and unregulated wind generation additions. This compares favorably with many of FPL’s IPP/Regulated peers who we project to experience flattish EPS based on the forward power curves. We are modestly raising our 10E & 11E EPS to $4.60 & $4.80 vs. $4.55 & $4.65 after reevaluating our model. Consensus estimates are $4.55 & $4.80.”
Shares of FPL are up about 1% today.
:::: >>> Click Here For Your Free FPL Analysis
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