Deutsche Bank Reiterates Sell And $16.50 PT On TECO Energy (TE)

Deutsche Bank reiterated its Sell rating and $16.50 price target on TECO Energy TE in a research report published today. In the report, Deutsche Bank states, "TE's Q1 results were weaker than anticipated, but should not impact the company's ability to deliver on 2011 guidance of $1.25-$1.40. While we continue to expect TE to deliver strong earnings growth through 2013, driven in large part by the coal business, we continue to believe this upside is already reflected in the stock price and that the market is placing too high a value on the sum of TE's subsidiaries. We are maintaining our $16.50 TP and Sell rating." In yesterday's trading, TECO lost 0.05% to close the day at $19.21. Its shares continued to lose ground in today's pre-market trading as they fell 0.57% to $19.10.