Tractebel, Terna Raised to `Overweight' at JPMorgan
Tractebel Energia SA (TBLE3) and Terna Participacoes SA were raised to ``overweight'' at JPMorgan Chase & Co., saying the companies' profits have ``resilience'' to the economic slowdown.
``Investors should be in quality names with defensive balance sheets, earnings resilience to current economic turmoil, high dividends, and reasonable liquidity,'' New York-based analyst Lilyanna Yang wrote in a note to clients.
The broker downgraded Empresa Distribuidora Electrica Regional, a holding company for power companies in Argentina, and Empresa Distribuidora y Comercializadora Norte SA, the Buenos Aires-based electricity distributor, to ``underweight'' from ``neutral.''
Tractebel is the Brazilian power-generation unit of GDF Suez SA. Terna Participacoes is the Brazilian unit of Italian power-grid owner Terna SpA.
Cia. Energetica de Minas Gerais, Brazil's largest combined electricity generator and distributor, and Cia. Energetica de Sao Paulo, the utility controlled by the state of Sao Paulo, were cut to ``neutral'' from ``overweight.''
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