Standpoint Upgrades Companhia Energetica (CIG)
Standpoint Research has just upgraded Companhia Energetica Minas Gerais (NYSE: CIG). Standpoint has attached a $20-$25 price target to the stock. CIG is currently trading 1.93% higher to $15.87. Ronnie Moas, of Standpoint, also said that he is gradually adding more beta to his portfolio of open positions as the market drifts lower.
Companhia Energetica de Minas Gerais (CIG), also known as Cemig, is the World’s sixth largest electric energy company. CIG is engaged in the generation & transmission (G&T) and distribution of electric power to industrial, rural, residential and commercial consumers. It is also engaged in natural gas distribution, telecom and consulting business through its subsidiaries. The company is based in Brazil and trades on the New York Stock Exchange as an ADR.
