OGE Energy downgraded to Neutral from Buy at Ladenburg

Ladenburg downgraded OGE Energy to Neutral from Buy with a price target of $34, down from $36, based on a lower expected capital spending outlook. The firm firm is now assuming $0.5B-$1B for new plant construction, down from $1B-$2B, and notes that its assumptions for new plant spending relate to an estimated 1,300 capacity shortfall through 2026.