NextEra Energy (NEE) has been downgraded by Citi to Hold from Buy.
Citi analysts Brian Chin and Hasan Doza said, Since the end of the first quarter (see related 3/24/10 note, NextEra Energy),NextEra has outperformed the S&P 500 Index and the Philadelphia Utility Index (UTY) by ~14% and ~6%, respectively. In the same period, NextEra has also outperformed clean energy peers, Entergy and Exelon by ~12% and ~15%, respectively. We believe this outperformance largely prices-in the positive aspects of the story; we are downgrading to Hold."
Citi gives NEE a price target of $54.00, down from $55.00.
Shares of NextEra are trading at $52.83.
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