UPDATE: Deutsche Bank Cuts PT to $21.50 on CenterPoint Energy

Deutsche Bank cuts its target price on Buy-rated CenterPoint Energy

to $21.50, down 50 cents, on below-estimates guidance for 2012. Deutsche Bank says, "CNP reported strong 2011 EPS, above our estimate largely on a more favorable tax rate. CNP's 2012 guidance was slightly below our estimate, but we believe it was above investor expectations, as fears over the impact of drilling activity declines on Field Services had weighed on the stock recently. CNP highlighted its lower risk Field Services contracts and potential growth opportunities and noted that an MLP is a viable option to support future midstream growth. Reiterate Buy on solid base outlook plus potential upside from true-up cash deployment." CNP closed at $19.49 a share on Wednesday.