Market Overview

UPDATE: Goldman Sachs Downgrades Great Plains Energy to Neutral on Relative Valuation, Lack of Catalysts

Related GXP
Great Plains Energy Misses on Earnings, Beats Revs - Analyst Blog
Mid-Morning Market Update: Markets Rally; Hillshire Brands To Acquire Pinnacle Foods For $6.6B

In a report published Wednesday, Goldman Sachs analyst Michael Lapides downgraded the rating on Great Plains Energy (NYSE: GXP) from Buy to Neutral, but reiterated the $23.00 price target.

In the report, Lapides noted, “We downgrade GXP to Neutral from Buy given relative valuation and limited or few positive catalysts to drive outperformance from here. Our $23, 12-month target price implies only 3% total return versus 11%, on average, for Buy-rated names under coverage. Since being added to the Americas Buy list on June 12, 2011, GXP is up 14% versus the sector index up 19% and the S&P 500 up 24%. After initially underperforming on disappointing guidance and demand, GXP outperformed YTD after relatively constructive rate case outcomes in Missouri/Kansas and better 2013 EPS guidance than many investors expected.”

Great Plains Energy closed on Tuesday at $23.19.

Posted-In: Goldman SachsAnalyst Color Downgrades Analyst Ratings

 

Most Popular

Related Articles (GXP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free