CNL Honors its Commitments

Analysts at KeyBanc Capital Markets downgrade Cleco Corporation (NYSE: CNL) from “buy” to “hold.”

CNL’s stock has risen 16.3% year-to-date, as compared to the S&P Utility Index return of 1.7%. Moreover, Cleco’s stock has returned more than 18% since the upgrade on July 30, 2007, while the S&P Utility Index is down more than 18%.

The analysts believe that CNL has done a good job of executing on its commitments to deliver constructive regulation with the Louisiana settlement. The company has doubled its regulated rate base with the construction of a project at Rodemacher Unit 3 and maintained financial integrity during the construction, KeyBanc Capital Markets adds.