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JP Morgan downgrades TerraForm; Williams lowers view on ALLETE

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JP Morgan downgrades TerraForm; Williams lowers view on ALLETE

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JefferiesLLC upgradedEl Paso Electric Co.stocks to "hold" from "underperform" based on improvingregulatory calendar and increased its per-share price target to $44 from $36.50on March 24.

Jefferiesmaintained an estimate of $2.50 per share for 2016.

Downgrades

J.P.Morgan on March 30 lowered its investment opinion on to "neutral"from "overweight" but kept its price target at $13.

"[TerraFormPower] looks inexpensive based on run-off value or discounted dividend;however, we are stepping to the sidelines owing to the delayed 10K filing andrisk of bankruptcy filing by the parent SunEdison Inc.," analyst Paul Coster in wrote in aninvestor note. "We believe there are risks that warrant this cautiousapproach, including potential 'change of control' clauses in early-vintagesolar PPAs and cross-collateralization agreements embedded in project-leveldebt."


OnMarch 29, J.P. Morgan downgraded NiSourceInc. to "neutral" from "overweight" on recentoutperformance.

"Webelieve NiSource has top-tier investment potential relative to peers given itseight utilities in seven states and robust capital spending runway. We expectthis capital to be deployed accretively given solid authorized ROEs, anefficient balance sheet with elevated leverage, and an array of low-lagregulatory constructs," said analyst Christopher Turnure.


Financialproblems at a planned iron ore pellet facility in northern Minnesota haveprompted an analyst on March 29 to downgradethe rating of local utility company ALLETEInc. to "hold" from "buy," with a $60.00 targetprice.

"Weare afraid that the Essar Steel situation continues to stumble into a perpetualmorass," Williams Capital Group analyst Christopher Ellinghaus said in anote.


JefferiesLLC downgradedPNM Resources Inc.stocks to "hold" from "buy" over regulatory concerns in NewMexico and also lowered its per-share price target to $34 from $36 on March 24.

Notable reiteration

S&PCapital IQ on March 29 maintained a "hold" recommendation onSunEdison Inc.shares, but slashed the 12-month target price to 50 cents from $3. S&PCapital IQ on April 1 subsequently dropped coverage of SunEdison "due to achange in investor focus."

S&P Capital IQ andS&P Global Market Intelligence are owned by McGraw Hill Financial Inc.