UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on AGL Resources
In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on AGL Resources (NYSE: GAS), and slightly raised its price target from $41.00 to $42.00.
BMO Capital noted, “We are lowering our 2012 estimate by $0.06 to $2.60, the low end of guidance, due to the 3Q miss, offset by improvements in the other business segments. We are also decreasing our 2013 and 2014 estimates by 1% to $3.02 and $3.05, respectively, on the flow through impact of modestly lower utility EBIT/meter going forward. We are rolling forward our price targets from YE12 to YE13 applying target multiples to 2014 estimates; on this basis our price target rises $1 to $42.”
AGL Resources closed on Friday at $39.57.
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