BMO Capital lowered the firm’s price target on CenterPoint Energy to $30 from $34 but keeps an Outperform rating on the shares. The company’s near-term 8% EPS growth and 6%-8% long-term EPS growth biased to the top end and lack of external financing makes the stock a “must-own” in the utility sector, the analyst tells investors in a research note. The firm adds however that its reduced price target reflects the mark-to-market of the peer group multiples used in its sum-of-parts valuation framework for CenterPoint.
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