CEMIG S.A. (CIG)

We are keeping our Buy recommendation on Companhia Energetica de Minas Gerais, or CEMIG (<a href=http://www.zacks.com/stock/quote/cig>CIG</a>). Although the company posted lower-than-expected results for the first quarter of 2009, those results were impacted by a few non-recurring items. <p> However, the short-to-medium term outlook remains promising as demand for electricity in Brazil keeps growing. Despite the global credit crunch, we still have a reasonably positive outlook for the Brazilian economy in the short term. <p> Finally, CEMIG has a solid dividend payout, and we believe that the stock is quite undervalued compared to other international electric utilities.

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