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Banc of America Upgrades El Paso to Buy

Banc Of America upgrades its rating of EL Paso Corp (EPG) to buy from market perform.

Analyst William Maze says a much anticipated ruling on two issues by a FERC judge regarding El Paso's California capacity is an important victory for the company and removes a significant amount of uncertainty. However, on a less positive note, the judge found El Paso guilty of abusing affiliate rules, which was expected. Importantly, there is no new evidence in the affiliate case. The company remains cautious in regards to predicting the FERC's course of action. Maze upgrades the stock, noting that a large part of risk has been removed. He set a 12-month price target of $60.

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