Jefferies Maintains Estimates On Progress Energy

According to Jefferies, Progress Energy PGN provided an update on Crystal River, including more details on its plans for repair work. Jefferies said that it believes that obtaining PSC approval for a prudency review prior to the company moving forward with the repair, which is estimated to be completed in 2014, will prove challenging. “Our price target of $48.50 (revised from $49.00) is based on the merger offer price. Under the agreement, Progress shareholders would receive 2.6125 shares of Duke Energy stock for each share of Progress Energy they own.” Progress Energy closed yesterday at $47.37.