Share on StockTwits
 

Entergy Corp. (NYSE:ETR) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report released on Tuesday, American Banking News reports. They currently have a $64.00 price target on the stock. Zacks‘ price target suggests a potential upside of 4.42% from the company’s current price.

Zacks‘ analyst wrote, “We have downgraded our recommendation on Entergy Corporation to Neutral from Outperform. The downgrade was primarily due to the rejection of the proposed merger, with ITC Holdings Corporation by the Mississippi Public Service Commission (MPSC). Entergy intends to utilize the cash proceeds, worth approximately $1.8 billion, from the transaction to redeem its debt, expand the power generation and distribution businesses and for other corporate purposes. We believe the rejection of the proposed merger will impact the company’s future results. In addition, over-dependence on wholesale power markets and uncertainty on rate relief led us for the downward revision. However, we expect the company’s stable financial position and cost-saving initiatives to boost its future performance.”

Shares of Entergy Corp. (NYSE:ETR) traded down 0.33% during mid-day trading on Tuesday, hitting $61.09. 821,319 shares of the company’s stock traded hands. Entergy Corp. has a 52 week low of $60.22 and a 52 week high of $72.60. The stock has a 50-day moving average of $61. and a 200-day moving average of $64.33. The company has a market cap of $10.894 billion and a price-to-earnings ratio of 12.72.

Several other analysts have also recently commented on the stock. Analysts at Jefferies Group cut their price target on shares of Entergy Corp. from $68.00 to $60.50 in a research note to investors on Tuesday. Separately, analysts at JPMorgan Chase & Co. initiated coverage on shares of Entergy Corp. in a research note to investors on Tuesday, January 21st. They set a “neutral” rating on the stock. Finally, analysts at Citigroup Inc. downgraded shares of Entergy Corp. from a “neutral” rating to a “sell” rating in a research note to investors on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. Entergy Corp. presently has an average rating of “Hold” and an average target price of $64.77.

Entergy Corporation (NYSE:ETR) is an integrated energy company engaged primarily in electric power production and retail distribution operations.

To view Zacks’ full report, visit www.zacks.com

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.