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Merrill Slashes Enron to 'Near-Term Neutral'


Merrill cut Enron (ENE) to near-term neutral from accumulate, and long-term neutral from buy.

Analyst Donato Eassey says his view of the company's fundamentals or its ability to weather a long-term storm has not changed, but from a practical standpoint he believes the noise surrounding the SEC's move will outweigh any EPS analysis or net-asset value calculation. He thinks the timing and directional uncertainty of this new development will at best cap Enron's stock price in the mid-teen's while increasing overall volatility. He says trading will be event driven until the SEC decision. Eassey expects weakness in Dynergy, El Paso and Williams Cos., among others.


The Aging of Abercrombie & Fitch
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