Jefferies Raises PT To $49 On PGN

Jefferies, in light of the company's in line earnings in 1Q, has raised its price target on Progress Energy PGN from $48 to $49. Says Jefferies, in its report, “Progress Energy reported 1Q ongoing earnings of $0.69, in line with our estimate of $0.69 and versus consensus of $0.67… Key drivers include weather, which added $0.01 per share versus normal but was $0.17 below the extreme weather in 1Q10. This was mostly offset by a $0.16 contribution from an amortization of the cost of removal obligation in Florida.” Jefferies maintains a Hold rating on PGN. PGN closed on Friday at $47.04.