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Thursday, Jun 20
UNS Energy (UNS -5.1%) slips after Jefferies downgrades the shares to Hold and cuts its price...
UNS Energy (UNS -5.1%) slips after Jefferies downgrades the shares to Hold and cuts its price target from $57 to $49.50. The firm cites regulatory uncertainty introduced by the ACC review of retail competition. If the ACC adopts retail competition, future earnings of Arizona regulated electric companies will depend on commodity prices for gas and power, the length of the transition period and the regulatory treatment of stranded cost. Jefferies recommends investors move to the sideline until the issues are resolved.