UPDATE: Credit Suisse Downgrades Northeast Utilities System to Neutral, Lowers PT as Revisiting Later Makes More Sense

In a report published Friday, Credit Suisse analyst Dan Eggers downgraded the rating on

from Outperform to Neutral, and lowered the price target from $57.00 to $56.00. In the report, Credit Suisse noted, "We have recommended NU shares for some time, attracted by the combination of above group growth and opportunity for conversion of the Northern Pass Transmission (NPT) line (even if delayed) into value; the additional prospects of the $1.0-1.5 BN Access Northeast pipeline project finally got the market's attention and brought a strong rally in the stock. But, with the updated and extended 6-8% growth rate including both NPT and Access Northeast, we see our probability weighted estimates retrenching modestly and the timeline to finding confidence that these projects convert into expected earnings now extending over much of 2015. Facing months until we get clarity and a P/E above other high growth utilities that offer arguably better visibility today, we are lowering our rating on NU to Neutral under our relative recommendation system. We like the NU strategy but think revisiting later makes more sense." Northeast Utilities System closed on Thursday at $52.30.