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

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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
Nov 2014Bank of AmericaDowngradesBuyNeutral
Sep 2014BarclaysMaintainsEqual-weight
Aug 2014Scotia BankMaintainsSector Perform

View More Analyst Ratings for SE
View the Latest Analyst Ratings

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

 

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