J.P. Morgan Lowers CNP PT to $18

J.P. Morgan has Lowered the Price Target for CenterPoint Energy (NYSE: CNP) to $18.00 from $19.00.

According to J.P. Morgan, "The Texas Supreme Court ruled in CenterPoint's favor on all but one issue in its long-standing appeal of monetary recovery related to Texas electric deregulation. We estimate its recoveries should add $2.88-3.11, or about 20%, per share, but the stock only rose 10% on Friday, versus a gain of only 0.3% for the UTY index. As a result, we remain buyers of the stock."

CNP has an Overweight Rating and closed yesterday at $16.67.