Jefferies Posts Quarterly Estimates, Raises PT On PGN To $48

Jefferies has posted its 2011 quarterly estimates and has raised its price target on Progress Energy PGN from $47.50 to $48. Says Jefferies, in its report, “We are posting 2011 quarterly EPS estimates as follows: 1Q - $0.69, 2Q - $0.66, 3Q - $1.24, 4Q - $0.53. We are maintaining our 2011 EPS estimate of $3.12. Our estimate is within the company's ongoing earnings guidance of $3.00-3.20 per share. We are maintaining our 2012 EPS estimate of $3.20. We are maintaining our 2013 EPS estimate of $3.38.” Jefferies reiterates its Hold rating on PGN. PGN closed yesterday at $46.55