Goldman Sachs Downgrades Cleco (CNL) to Neutral

Goldman Sachs downgraded Cleco (NYSE: CNL) from Buy to Neutral with a price target of $45.00 (from $48.00).

"Following relative outperformance vs. peers, CNL now trades at 16.4x/15.0x on our 2014/2015 estimates versus median levels for other small/mid cap utilities at 14.1x/13.7x รข we still assume a P/E multiple premium, given strong free cash flow, but view this premium as largely "priced into" CNL's current valuation," said analyst Michael Lapides.

For an analyst ratings summary and ratings history on Cleco click here. For more ratings news on Cleco click here. Shares of Cleco closed at $45.08 yesterday, with a 52 week range of $38.46-$49.52.

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