J.P. Morgan Maintains Neutral on EnergySolutions (ES)

J.P. Morgan is out with its report today on EnergySolutions

, maintaining Neutral on ES. In a note to clients, J.P. Morgan writes, "ES guided to initial 2011 EBITDA of $130-140mm, below our $155mm estimate and the Street's $153mm. CEO Val Christensen indicated in the release that 2011 will be a 'base building year' for the company, as the Zion de-commissioning project is expected to ramp up, and as the company begins to execute on the more selective growth strategy outlined by management on recent conference calls. ES indicated that its '11 guidance includes a $14-16mm y/y reduction in SG&A, reflecting the impact of recent realignment and cost control initiatives. We rate ES Neutral." At the time of posting, shares of ES were trading at $5.99, down 12.30% from Wednesday's close.