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Teco Energy shares rise on analyst estimate boost

The Associated Press

NEW YORK (AP) — Shares of Teco Energy Inc. jumped on Friday, after an analyst raised his earnings estimate for the electric and natural gas utility owner.

Teco Energy shares climbed 71 cents, or 8.3 percent, to $9.31 in Friday afternoon trading.

Barclays analyst Daniel Ford lifted the company's 2009 profit estimate to $1 per share, compared with an earlier prediction of 96 cents per share, citing lower coal prices. Ford cut his 2010 earnings estimate to $1.25 per share, compared with $1.34 per share.

Ford also said he expects the company's stock price to rise, but not as high as he had predicted earlier. He cut his price target to $11 from $14 and projected the stock would perform in line with its sector, assigning it an "Equal Weight" rating.