CenterPoint Energy price target raised to $42 from $40 at Mizuho

Mizuho raised the firm’s price target on CenterPoint Energy (CNP) to $42 from $40 and keeps a Neutral rating on the shares. The firm notes the company announced the sale of its Ohio gas utility, formerly known as Vectren Energy Delivery of Ohio, for a 1.9-times EV/Rate base multiple which was consistent with Mizuho’s view of the sales multiple and sales proceeds. While the transaction multiple was viewed in line with consensus, the firm believes the actual tax leakage was lower/less dilutive than Street estimates.