UPDATE: Deutsche Bank Upgrades TECO Energy to Hold, Raises PT to $17

Deutsche Bank upgrades TECO Energy

to Hold from Sell and raises its price target to $17 from $16 on industry multiples pushed high by low bond yields. Deutsche Bank notes, “Regulated utilities have been stellar performers in 2011 gaining 10% on average with larger caps up 15%-20% as investors sought out the relative stability and safety of utility yields. Given a risk-off market this helped push utility relative multiples to at least 25-year highs underpinned in large part by equally historic low bond yields.” TECO closed at $17.99 per share on Wednesday.