Market Overview

UPDATE: Deutsche Bank Downgrades Spectra Energy to Hold Post EPS Miss

Related SE
Spectra Energy, Northeast Utilities Report New England Energy Reliability Solution
UPDATE: Spectra Energy Q2 Profit Misses Street View
Energy Stocks Move Higher as Oil Spikes (Fox Business)

Deutsche Bank reduced its rating on Spectra Energy (NYSE: SE) from Buy to Hold and cut its price target from $37 to $30.

Deutsche Bank commented, "SE reported 2Q'12 eps of $0.33 vs $0.44 in 2Q'11. Our estimate and consensus were $0.40. While we anticipated a decline in quarterly earnings due to commodity exposure, the magnitude of the decline, especially at the DCP Midstream joint venture and at Empress (Canadian Transmission and Processing) were much greater than expected. Our updated models and valuations are included with this report but may be summarized by a reduction in earnings estimate for 2012 from $1.80 to $1.40 and from $2.00 to $1.55 for 2013."

Spectra Energy closed at $29.58 on Thursday.

Latest Ratings for SE

DateFirmActionFromTo
Sep 2014BarclaysMaintainsEqual-weight
Aug 2014Scotia BankMaintainsSector Perform
Jun 2014UBSInitiates Coverage onNeutral

View More Analyst Ratings for SE
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (SE)

Around the Web, We're Loving...

Get Benzinga's Newsletters