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CNP

CenterPoint Energy

$25.48

-1.2 (-4.50%)

08:33
11/18/19
11/18
08:33
11/18/19
08:33

CenterPoint Energy downgraded to Buy from Conviction Buy at Goldman Sachs

Goldman Sachs analyst Insoo Kim downgraded CenterPoint Energy to Buy from Conviction Buy, stating that he no longer expects the stock's multiple to expand in the near-term following the adverse oral decision issued by the Public Utilities Commission of Texas on November 14. CenterPoint may need to issue up to $1B of equity given the rate case outcome and pending outcome of CEHE recapitalization talks estimates Kim. However, the analyst believe the current relative discount to Diversified Utilities more than reflects the negative regulatory impact. Kim lowered his price target on CenterPoint shares to $29 from $33.

CNP CenterPoint Energy
$25.48

-1.2 (-4.50%)

11/15/19
11/15/19
DOWNGRADE
Target $27

Hold
CenterPoint Energy downgraded to Hold from Buy at SunTrust
As previously reported, SunTrust analyst Ali Agha downgraded CenterPoint Energy to Hold from Buy with a price target of $27, down from $32. The analyst says that the outcome in the Houston, Texas Electric rate case court proceedings yesterday was worse than expected, and the stock could come under added pressure from the potential for a "large equity raise". Agha adds that there is some opportunity to petition for a rehearing, but the decision to reduce the authorized Equity Ratio to 40% from 45% and adopt a "ring fencing mechanism" will likely become final.
11/15/19
FBCO
11/15/19
DOWNGRADE
Target $28
FBCO
Neutral
CenterPoint Energy downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Michael Weinstein downgraded CenterPoint Energy to Neutral from Outperform with a price target of $28, down from $31, saying the company's Houston rate case received worse than anticipated commentary yesterday from the Public Utility Commission of Texas. Weinstein tells investors in a research note that he had expected something closer to current earnings and actual capital structure ~9.65%/45%, which would have had minimal impact, and notes that the outcome is well below the 2018 national average of 9.6%/49%.
11/15/19
BOFA
11/15/19
DOWNGRADE
Target $27
BOFA
Neutral
CenterPoint Energy downgraded to Neutral from Buy at BofA/Merrill
BofA Merrill Lynch analyst Julien Dumoulin-Smith downgraded CenterPoint Energy to Neutral from Buy with a $27 price target, stating that the outcome of the Houston Electric rate case "seems likely to be much more punitive than expected." The commission's recommended 40% equity cap and 9.25% ROE will put substantial pressure on EPS estimates and ring-fencing provisions would restrict the company from sending a dividend up to the parent, explained Dumoulin-Smith. Given that the case seems to be headed for an "unconstructive outcome," he now sees the need for up to $1.2B in equity in 2021, up from his prior assumption of $1B, added the analyst, whose downgrade of CenterPoint is at least the fourth around Wall Street this morning.
11/15/19
11/15/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Mitek Systems (MITK) downgraded to Neutral from Buy at Roth Capital with analyst Darren Aftahi saying the potential "trickle-down litigation risk" from USAA against Mitek's mobile deposit customer's acts is "too big of a risk/uncertainty to shares." 2. Agco (AGCO) downgraded to Neutral from Overweight at JPMorgan with analyst Ann Duignan citing valuation. 3. Gulfport Energy (GPOR) downgraded to Hold from Buy at SunTrust with analyst Neal Dingmann saying the company is still performing "admirably" by executing on its assets, reducing costs, and increasing its free cash flows. However, Dingmann notes that its month-to-date outperformance relative to its peers, a lower rate of growth, and higher leverage warrant a neutral stance. 4. CenterPoint Energy (CNP) downgraded to Neutral from Buy at BofA/Merrill, Guggenheim, and Credit Suisse, and to Hold from Buy at SunTrust. 5. Nvidia (NVDA) downgraded to Neutral from Buy at New Street. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

SAGE

Sage Therapeutics

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STZ

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BIG

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CLDR

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Okta

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ArQule call volume above normal and directionally bullish »

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MMM

3M

$163.96

-3.145 (-1.88%)

12:32
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  • 10

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MMM

3M

$163.96

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  • 10

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AXTA

Axalta Coating

$30.13

0.54 (1.82%)

12:25
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Axalta Coating call volume above normal and directionally bullish »

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GM

General Motors

$35.30

0.25 (0.71%)

, TSLA

Tesla

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GM

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  • 05

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HOV

Hovnanian

$24.73

3.39 (15.89%)

12:23
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  • 05

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
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$NYE

NYSE Market Internals

$0.00

(0.00%)

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LUV

Southwest

$55.72

-0.05 (-0.09%)

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SIGA

Siga Technologies

$4.39

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OPRT

Oportun Financial

$20.06

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12:11
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GALT

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BA

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MASI

Masimo

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  • 12

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ACHN

Achillion

$6.16

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12:05
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Achillion call volume above normal and directionally bullish »

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  • 07

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TVTY

Tivity Health

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12:04
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  • 10

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MIC

Macquarie Infrastructure

$42.49

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  • 11

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TCBK

TriCo Bancshares

$38.57

0.09 (0.23%)

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  • 09

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SIG

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ESTC

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  • 05

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PK

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Park Hotels & Resorts management to meet with Suntrust »

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