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UBS downgrades AES shares

UBS Securities LLC on Oct. 3 downgraded to "sell" from"neutral" with a price target of $11 per share.

The brokerage noted that AES' shares continue to outperformits peers, though its Latin American subsidiaries have underperformed.

"We emphasize the Chilean underperformance is tied toconcerns on pricing pressures from recent auctions in which renewablessuccessfully undercut conventional resources at an average price of $47.59/MWhin late August," UBS analyst Julien Dumoulin-Smith said in a note toinvestors.

In September, AES subsidiary plans to pursue anincome guarantee for more than 2,000 MW of coal-fired generation in Ohio,instead opting to pursue a distribution rider. UBS views the move as negativesince DP&L faces "additional obstacles in their plan to aid some oftheir largest power plants."