Tuesday, KeyBanc Capital Markets downgraded Cleco Corp. (CNL) to a Hold rating from Buy as the company's stock is trading close to the brokerage's fair value estimates. Since their July 30, 2007 upgrade, the stock has returned over 18% and has traded through their earlier price target of $26.
Nonetheless, the firm noted that one potential positive catalyst could come from the Evangeline plant, if JP Morgan for some reason sought to buy down the tolling contract of the plant and added this contract expires in 2020. The brokerage estimates 2009 earnings at $1.70 per share and that of 2010 at $2.00 per share.
The stock closed Monday at $26.57.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.