UPDATE: Goldman Sachs Downgrades NV Energy to Neutral
Goldman Sachs has published a research report on NV Energy (NYSE) NVE) and has downgraded the company from Buy to Neutral due to the company's limited positive catalysts.
In the report, Goldman Sachs wrote, "We downgrade NVE from Buy to Neutral on catalyst completion and valuation. Since added to the Americas Buy List on September 26, 2011, NVE is up 22% (12 months 23%) vs. small/mid-cap utilities up 13% (12 months, 12%) and the S&P500 26% (12 months, 21%). While underperforming the S&P500, consistent with Regulated Utilities, NVE outperformed peers on several positive catalysts, including (1) a better-than-expected general rate increase granted in Nevada last December; (2) a 31% dividend increase in May; and (3) strong earnings execution, punctuated by an outsized quarterly beat in August."
As a result of the downgrade, Goldman Sachs has also removed NV Energy from its Americas Buy List, but maintained its $19 price target. NV Energy closed Wednesday at $17.91.
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