Friday, February 5, 2010

JPMorgan (NYSE:JPM) Upgrades Empresa Nacional de Electricidad SA

Empresa Nacional de Electricidad SA

The largest power generator in Chile, Empresa Nacional de Electricidad SA, found itself surging in trading in Santiago as JPMorgan Chase (NYSE:JPM) ungraded Endesa Chile from neutral to overweight, driving the stock price to record levels.

Endesa Chile increase to 924.5 pesos, a 2 percent rise, the highest recorded level since it has been followed since 1994. Estimates from JPMorgan are it'll rise as high as 1,050 pesos over the next 12 months.

Enersis SA on the other hand suffered a reverse fate, as JPMorgan cut it from overweight to neutral, saying Endesa Chile should trade at a premium in contrast to Enersis.

Endesa Chile

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