Deutsche Bank Reiterates Sell on TECO Energy (TE)

Deutsche Bank is out with its report today on TECO Energy TE, reiterating Sell and a $16.50 PT. In a note to clients, Deutsche Bank writes, "Following Q4 results, we are raising our 2011E by a nickel but reiterating our price target of $16.50 and Sell rating. TE has outperformed the S&P Utilities index by about 5% over the past three months on the back of strong metallurgical coal prices. While we forecast significant earnings growth in 2012 and 2013, driven by higher margins at TECO Coal, we believe this upside is already reflected in the stock price and continue to believe that the market is placing too high a value on the sum of TE's subsidiaries." Shares of TE closed Friday at $18.25, down 0.98% from Thursday's close.