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Guggenheim Securities downgrades CenterPoint Energy to 'neutral'

Guggenheim Securities LLC downgraded CenterPoint Energy Inc. to "neutral" from "buy" due to valuation and strong stock performance.

"It has become much more challenging to continue to justify a buy rating at current valuation levels without a NT catalyst which included a much cleaner exit out of [Enable Midstream Partners] (ENBL, NC, $14.62) and redeployment of capital into more 'utility like' opportunities," Guggenheim analysts said in a Dec. 4 investor note. CenterPoint Energy terminated its plan to exit its ownership stake in Enable on Dec. 1.

Guggenheim also lowered its price target on CenterPoint Energy to $30 from $32 but kept its full-year EPS estimates of $1.33 for 2017, $1.43 for 2018 and $1.51 for 2019.

CenterPoint Energy shares closed down 1.60% to $29.53 on Dec. 1.