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S&P Global Equity downgrades DTE, Duke, NextEra on valuation

S&P Global Equity Research on July 26 downgradedDTE Energy Co.,Duke Energy Corp. andNextEra Energy "sell" from "hold," finding the companies' sharesovervalued. Price targets for each company were increased on higher peervaluations.

S&P Global Equity lifted DTE's 12-month target price by$9 to $93 and its 2016 EPS estimate by 9 cents to $5.02, adding that it sees regulatedinvestments driving future EPS growth. The company on July 26 second-quarter EPS of 98cents, higher than S&P Global Equity's estimate of 94 cents and the 89cents Capital IQ consensus estimate.

In maintaining its 2016 EPS estimate of $4.61 and liftingits price target to $81 from $77, S&P Global Equity said it expects DukeEnergy to report second-quarter EPS of $1.00. "We think higher customergrowth in the Southeast will be partly offset by lackluster industrial growthin the Midwest," analyst Christopher Muir wrote.

Duke Energy is scheduled to report second-quarter results Aug.4.

S&P Global Equity raised NextEra Energy's price targetto by $9 to $123, noting that it sees "strong capital investmentplans" driving future regulated earnings.

S&P Global MarketIntelligence and S&P Global Equity Research are owned by S&P Global Inc.