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 â 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.

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW *NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here begin ad tag (tile=12) -- End ad tag --

Sign Up

Get the InvestingChannel
Free e-Letter Today

Learn More

Independent market opinion, analysis and ideas - delivered every business day

Premium market opinions, analysis, and ideas - delivered every business day

Editor's Picks