Yeah and on January 12th those same assholes upgraded FE to a buy from hold when the stock was at 46 dollars a few percentage points off the highs! Take it for what it's worth but now seems a little ridiculous to be issuing a hold from a buy notice. Shouldn't it have been reversed?! Wall Street ALWAYS does that same thing with the casino sector last month I dig great with BYI after Goldman downgraded sector. I hope more downgrade come on baby I need more shares! :) Happy trading all will be intersting to see what exc does tomorrow. Here is the info i gathered FYI: April 22, 2010 9:19 AM EDT
Deutsche Bank Issues Utilities & Power Q1 Earnings Preview
Deutsche analyst says, "Utility sector earnings begin this week with Exelon (NYSE: EXC) and CMS Energy (NYSE: CMS) reporting on Friday. In this report we preview Q1 earnings and key drivers for our Utilities & Power coverage. We also fine-tune some full-year estimates and price targets, while upgrading PSEG (NYSE: PEG) to Buy and downgrading FirstEnergy (NYSE: FE) to Hold."
"As well as fine-tuning quarterly estimates we have also adjusted full year numbers. For 2012 – the focus year for our utility valuations -- estimates are up for EIX, PEG, and XEL and down for AEP, D, ETR, EXC, FE, FPL, MIR, NRG and PPL...In addition to our estimate revisions we are also revising price targets for several names, with reductions for D, ETR, FE, FPL, NRG and PPL and an increase for PEG."
HERE IS THE WHAT THEY SAID IN JAN: January 12, 2010 4:01 PM EST
Deutsche Bank comments on regulated companies in the Electric Utilities & Power sector:
Deutsche analyst says, "Ratings unchanged – remain Buyers of American Electric Power (NYSE: AEP), CMS Energy (NYSE: CMS), and ITC Holdings (NYSE: ITC). Within the regulated group we are not changing ratings although price targets have increased across the board. We continue to favor more lowly-valued names within the group such as AEP and CMS along with transmission growth pure-play ITC. We remain reluctant to chase regulated utility names solely for yield given expectations for rising interest rates – and note that the yield relative headroom versus 10-Year Treasuries has narrowed from ~200bps to about 120bps in the past month or so."
NOTE - earlier today, Deutsche analyst made ratings changes to 'Less Regulated' stocks in sector, including upgrades to Entergy (NYSE: ETR) and FirstEnergy (NYSE: FE) from Hold to Buy. Public Service Enterprise Group (NYSE: PEG) was downgraded from Buy to Hold.