Universal Energy "buy," target price reduced

06/30/08 - Griffiths McBurney & Part.

NEW YORK, June 30 (newratings.com) - Analysts at Griffiths McBurney & Partners maintain their "buy" rating on Universal Energy Group (YJF), while reducing their estimates for the company. The target price has been reduced from $20.00 to $17.75.

In a research note published on June 27, the analysts mention that the company is expected to post flat results in Michigan during FY09. A delayed entry into new markets, on account of a challenging environment, has led to reduced growth estimates for Universal Energy’s Energy Retail business, the analysts add. The EPS estimates for 2008 and 2009 have been reduced from $0.66 to $0.57 and from $1.14 to $0.96, respectively.