Zacks Investment Research upgraded shares of Companhia Paranaense De Energia (ELP) from NEUTRAL to OUTPERFORM on June 14, 2013, with a target price of $19.00.
COPEL reported a 25% increase in net earnings in local currency in the first quarter 2013 on the back of an 18% increase in net operating revenues. Earnings per ADR settled at US$0.73 versus US$0.66 in the year-ago quarter. Electricity sales to final customers grew 27% while to distributors surged 72%. Apart from the results, rising demand for electricity in Brazil, especially due to resumption of economic growth and industrial development in the country, will prove advantageous for COPEL. The company has made investments in the past and has plans to invest $1.9 billion in 2013 aimed at improving its internal generation capacity and distribution network. The company is also keen on expanding outside the state where it is engaged in projects that are likely to be operational by the first half of 2014. Considering these, we have upgraded our recommendation on COPEL from Neutral to Outperform.
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