Florida Settlement Boosts NEE’s Estimates

Analysts at Oppenheimer & Co reiterate their "outperform" rating on NextEra Energy Inc (NYSE: NEE), while raising their estimates for the company. The target price for NEE has been raised from $56 to $58.

Oppenheimer & Co says, “Our FY11 EPS estimate increases as FPL receives some recovery for West County Unit 3 beginning in 2011, whereas we had expected recovery in mid-2012 when we expected new rates to be effective. In the settlement, FPL is allowed to retain the fuel savings that the unit provides over using purchased power. We estimate $50 million of fuel savings in 2011 and $100 million in 2012.”

Oppenheimer & Co has raised its EPS estimates for 2010 and 2011 from $4.42 to $4.44 and from $4.46 to $4.51, respectively.

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