Wunderlich Securities Reiterates Hold Rating, $47 PT On PGN

Progress Energy Inc. PGN reported 4Q/full-year 2010 operating EPS of $0.45/$3.06 “vs. our $0.53/$3.05,” Wunderlich Securities reports. “Full-year results were largely in line, with strong weather offsetting nuclear plant outages,” Wunderlich Securities writes. “Management initiated 2011E EPS guidance of $3.00-$3.20. PGN expressed optimism that Florida has begun an economic recovery, but seemed less convinced that industrial sales growth in the Carolinas would continue at a pace similar to 2010. Restart of the Crystal River nuclear plant is targeted for April. “Together with Duke Energy DUK, PGN expects to file merger applications with the FERC, NC and KY in Q1. We reiterate our 2011E/2012E/2013E of $3.10/$3.20/$3.35, our $47 price target, and our Hold rating on PGN shares.” Progress Energy Inc. closed Friday at $45.70; Duke Energy Corporation closed at $17.94.