Spectra Energy Downgraded On NGL Price Weakness

NEW YORK (AP) — Shares of Spectra Energy Corp. have reached a fair price and the company faces the risk of a weakened natural gas liquids price outlook, an analyst said Wednesday as he downgraded the stock.

Wachovia analyst Samuel Brothwell lowered the natural gas transport and storage company's stock to "Market Perform" from "Outperform."

"While we don't see an immediate threat to the dividend, we're less convinced that earnings can grow quickly enough to sustain the current payout longer-term," Brothwell said. ...