Goldman Sachs Maintains Neutral Rating On Cleco (CNL)

Goldman Sachs maintains a Neutral rating on Cleco (NYSE: CNL) but has increased the EPS on CNL for 2012/2013 from $2.45/$2.64 to $2.53/$2.67 to reflect 1Q11 and a slightly improved outlook.

In the report, Goldman Sachs said, "We update EPS estimates for Cleco Corp (CNL, Neutral), revising forecasts to reflect: (1) 1Q2011 earnings, where CNL beat expectations; (2) slightly improved outlook at Cleco Power due to modest capital spending and rate base changes; (3) continued growth of earnings for the Coughlin unit as output rises; and (4) a few cents ($0.02-$0.03) of annual corporate costs." The current price target on CNL is $35.00 and the current EPS is $2.35.

Cleco closed Friday at $34.88.