Citi Downgrades NextEra Energy Despite Outperformance (NEE)

NextEra Energy (NEE) has been downgraded by Citi to Hold from Buy. Citi analysts Brian Chin and Hasan Doza said, Since the end of the first quarter (see related 3/24/10 note, NextEra Energy),NextEra has outperformed the S&P 500 Index and the Philadelphia Utility Index (UTY) by ~14% and ~6%, respectively. In the same period, NextEra has also outperformed clean energy peers, Entergy and Exelon by ~12% and ~15%, respectively. We believe this outperformance largely prices-in the positive aspects of the story; we are downgrading to Hold." Citi gives NEE a price target of $54.00, down from $55.00. Shares of NextEra are trading at $52.83.