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Lehman Upgrades DPL to Overweight

Lehman upgrades electricity-supplier DPL (DPL) to overweight from equal-weight.

Analyst Daniel Ford raised his $22 price target to $30, reflecting potential upside from a successful restructuring. He believes the stock will discount upside at the company, well ahead of execution as seen in other cases like TXU (TXU) and Allegheny Energy (AYE).

He sees an upside from the benefit of redeploying potential $1.7 billion of cash raised through asset sales to restructure balance sheet, cost cuts, and improved generation performance, including a 20% stock buyback. Ford raises base case 2005 earnings-per-share estimate to $1.16, and 2006 earnings per share to $1.50, to reflect a more reasonable 6.5% pretax return on investment portfolio than the 2.0% he was using.

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