Citigroup (NYSE:C) Downgrades NV Energy (NYSE:NVE)

Citigroup Inc. (NYSE:C) announced it has downgraded NV Energy, Inc. (NYSE:NVE) from "Buy" to "Hold."

Analyst Brian said in a note, decision was "...based on 12.5x P/E multiple on a below consensus 2012 EPS estimate of $1.15."

Citi did maintain their price target on the company of $14 a share.

NV Energy, Inc., which operates in southern Nevada, generates, transmits and distributes energy in that region.

They closed Monday at $13.13, up $0.18, or 1.39 percent. Trading volume was almost equal to the 3-month average.