Progress Energy (PGN)

<b>Progress Energy</b> (<a href=http://www.zacks.com/stock/quote/pgn>PGN</a>) is one of the nation&#39;s larger pure-play electricity utilities. Given the disappointing outcome of the Florida rate case and lowered 2010 guidance, we expect the stock to remain under pressure in the near term. <p> Furthermore, weak economic conditions in Florida, which have slowed customer growth and reduced demand for electricity, remain worrisome issues. Thus, we expect 2010 to be a challenging year for Progress Energy. <p> However, we like the company for its increased generation capacity, market expansion, cost-cutting initiatives, debt reduction, high dividend yield and an improving balance sheet. At this time, however, we downgrade our recommendation to UNDERPERFORM with a target price of $36.00.

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