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Strategies & Market Trends : Value Investing
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From: muwis1231/6/2006 12:40:42 PM
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EAS (Energy East) - I bought some shares today. I just hope I am not too late to the party considering how well utilities did last year.

This name is to me interesting for several reasons. 1) It pays a ~5% dividend. 2) The shares look washed out at these levels. The market has already discounted the possibility that one of its utilities, NYSEG, will see its rate cut modestly by regulators. 3) Merrill believes it could be a takeover target. 4) Valuation is attractive at 12.3x 06 consensus estimates.

Applying a 15 multiple to the 06 estimates, I arrive at a target price of $28. When combined with the 5% yield, the total return could be 25% one year out.
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