UPDATE: Williams Initiates TECO Energy at Buy

Williams is out with its report today on TECO Energy (NYSE: TE), initiating TE at Buy.

In a note to clients, Williams writes, "We initiate coverage on TECO Energy, Inc. with a Buy investment rating and $21.00 target price on June 21, 2011 at a price of $18.72. Our target price reflects a P/E of 14.2x our 2013 recurring EPS estimate and a total return potential of nearly 17% over the next 12 months, including the indicated annual dividend yield of 4.59%."

At the time of posting, shares of TE were trading at $18.86, up 0.75% from Monday's close.