UPDATE: Hilliard Lyons Downgrades Laclede Group on Negative Risk/Reward Scenario

In a report published on Monday, Hilliard Lyons analyst Spencer E. Joyce downgraded Laclede Group (NYSE: LG) from Neutral to Underperform on several current factors feeding into a negative risk/reward scenario.

In the report, Hilliard Lyons stated, "With our new outlook for 2014, the fairly steep valuation discounts relative to peers that had previously kept us Neutral despite risks associated with the closing and integration of MGE have been eliminated. Based on this and other factors, we are downgrading to Underperform."

Laclede Group closed on Friday at $46.45.