Jefferies analyst Julien Dumoulin-Smith lowered the firm’s price target on Sempra Energy (SRE) to $75 from $77 and keeps a Hold rating on the shares. At the end of March, Sempra formalized their previously announced plan to sell another minority interest in Sempra Infrastructure, notes the analyst, who sees a SIP asset sale as providing needed credit support, but not being accretive under the firm’s assumptions. Lower multiples for the SIP assets is the primary driver of a lower valuation, noted the analyst.
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