UPDATE: Citigroup Downgrades NV Energy to Neutral on Lack of Catalysts
Citigroup downgraded NV Energy, Inc (NYSE: NVE) from Buy to Neutral and lowered the price target from $21.00 to $19.00.
Citigroup noted, "Our use of a group average multiple reflects an improvement to the NVE outlook versus a subpar view over much of the last three years. But, with no foreseeable catalyst to drive significant EPS growth through 2015 and a growing but unsurprising dividend trajectory we believe material outperformance is unlikely. One area that deserves monitoring: if the US economy enters a stronger period of economic growth, NVE could benefit as both a smaller cap utility and potential leverage to a Las Vegas recovery."
NV Energy closed at $18.57 on Monday.
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