UPDATE: ISI Group Downgrades Progress Energy to Sell
ISI Group lowers its rating on Progress Energy (NYSE: PGN) to Sell from Hold reflecting uncertainty on the Duke Energy merger. Price target is $47
ISI Group notes, "If the pending merger with Duke Energy fails to close we see near-term downside to $46-47/share for PGN. If the merger closes, the stock should rise to $53-$54 (2.6125x the DUK share price). We are uneasy with this risk/reward given remaining regulatory uncertainty."
PGN closed at $51.53 on Friday.
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