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Jefferies downgrades OGE Energy to Hold

  • Jefferies downgrades OGE Energy (OGE) from Buy to Hold with a price target of $37.50 (from $44.50).
  • "Our original assumption was predicated on 2014 EBITDA of $1.1B, which was $300M higher than what is forecasted in the S-1 filing," analyst Paul Fremont states."The major drivers in the difference are an estimated $60M of higher O&M expense, $35 million of reduced synergies and margin degradation related to declining basis differential."
  • The firm trimmed FY14 EPS from $2.15 to $2.00.
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