Wells Fargo Downgrades CenterPoint Energy (CNP) to Equal Weight

Wells Fargo analyst Sarah Akers downgraded CenterPoint Energy (NYSE: CNP) from Overweight to Equal Weight with a price target of $28.00 (from $32.00).

The analyst comments "Downgrade to Equal Weight. With (1) a significant overhang tied to investigations and the pending rate case combined with (2) little near-term balance sheet flexibility and (3) heightened weather-related concerns, we downgrade shares to Equal Weight. We now apply a 10% discount in our valuation to account for elevated risk related to ongoing scrutiny and investigations in tandem with potential impacts on regulatory relationships and the balance sheet - we lower our PT to $28/sh from $32/sh."

For an analyst ratings summary and ratings history on CenterPoint Energy click here. For more ratings news on CenterPoint Energy click here.

Shares of CenterPoint Energy closed at $26.20 yesterday.

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