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Goldman Downgrades Sierra Pacific to 'Market Perform'

Goldman Sachs Downgraded Sierra Pacific (SRP) to market perform from market outperform.

Sierra's unit, Nevada Power will be allowed recover $485 million out of $922 millin in deferred energy costs.

Analyst Jonathan Raleigh says he is cutting his 2002 EPS estimate to $1.15, and trimming the 2003 estimate to $1.25 to incorporate the impact of unrecoverable power costs, and higher potential costs due to collateral requirements related to S&P's reduction of parent and subsidiary unsecured credit ratings. He says a dividend cut also is possible. Raleigh does not view this as bad enough to force bankruptcy, although near-term liquidity issues must become more transparent; he thinks stock could stabilize at $11-$12.

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