COC RBC-Discontinue-Coverage-IDA-Mar-18-2011.pdf

March 18, 2011 |COMMENT
Discontinuing Research Coverage
We are discontinuing research coverage of the following companies due to sector reallocation.
Company Name Ticker Closing
Price
Rating As Of
March 18, 2011
Risk Qualifier As Of
March 18, 2011
Price Target As Of
March 18, 2011
CMS Energy Corp. CMS $18.91 Outperform Average $21.00
DTE Energy Company DTE $47.03 Sector Perform Average $49.00
Duke Energy Corporation DUK $17.63 Sector Perform Average $19.00
IDACORP, Inc. IDA $36.85 Underperform Average $39.00
NextEra Energy Inc. NEE $52.76 Sector Perform Average $57.00
NV Energy, Inc. NVE $14.53 Outperform Average $17.00
PNM Resources, Inc. PNM $14.36 Outperform Average $16.00
Southern Company SO $37.00 Outperform Average $41.00
TECO Energy, Inc. TE $17.74 Sector Perform Average $19.00
Unitil Corporation UTL $23.04 Sector Perform Average $24.00
Priced as of market close March 18, 2011, ET (unless other wise stated)
All prices are in U.S. dollars unless otherwise noted.
Required Disclosures
Conflicts Disclosures
This product constitutes a compendium report (covers six or more subject companies). As such, RBC Capital Markets chooses to
provide specific disclosures for the subject companies by reference. To access current disclosures for the subject companies, clients
should refer to https://www.rbccm.com/GLDisclosure/PublicWeb/DisclosureLookup.aspx?entityId=1 or send a request to RBC CM
Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7.
The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including total
revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated by
investment banking activities of the member companies of RBC Capital Markets and its affiliates.
Distribution of Ratings
For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating categories - Buy,
Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of Top Pick/Outperform,
Sector Perform and Underperform most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are not the same
because our ratings are determined on a relative basis (as described above).
Rating Count Percent Count Percent
BUY[TP/O] 695 51.40 200 28.78
HOLD[SP] 595 44.00 135 22.69
SELL[U] 61 4.50 11 18.03
Distribution of Ratings
Serv./Past 12 Mos.
Investment Banking
RBC Capital Markets, Equity Research

Conflicts Policy
RBC Capital Markets Policy for Managing Conflicts of Interest in Relation to Investment Research is available from us on request. To
access our current policy, clients should refer to https://www.rbccm.com/global/file-414164.pdf or send a request to RBC CM
Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. We
reserve the right to amend or supplement this policy at any time.
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RBC Capital Markets Discontinuing Research Coverage
March 18, 2011 2
Dissemination of Research and Short-Term Trading Calls
RBC Capital Markets endeavors to make all reasonable efforts to provide research simultaneously to all eligible clients, having regard
to local time zones in overseas jurisdictions. RBC Capital Markets’ equity research is posted to our proprietary websites to ensure
eligible clients receive coverage initiations and changes in ratings, targets and opinions in a timely manner. Additional distribution
may be done by the sales personnel via email, fax or regular mail. Clients may also receive our research via third-party vendors.
Please contact your investment advisor or institutional salesperson for more information regarding RBC Capital Markets’ research.
RBC Capital Markets also provides eligible clients with access to SPARC on the Firm’s proprietary INSIGHT website. SPARC
contains market color and commentary, and may also contain Short-Term Trade Ideas regarding the publicly-traded common equity of
subject companies on which the Firm currently provides equity research coverage. SPARC may be accessed via the following
hyperlink: www.rbcinsight.com. A Short-Term Trade Idea reflects the research analyst’s directional view regarding the price of the
subject company’s publicly-traded common equity in the coming days or weeks, based on market and trading events. A Short-Term
Trade Idea may differ from the price targets and recommendations in our published research reports reflecting the research analyst’s
views of the longer-term (one year) prospects of the subject company, as a result of the differing time horizons, methodologies and/or
other factors. Thus, it is possible that a subject company’s common equity that is considered a long-term ‘sector perform’ or even an
‘underperform’ might be a short-term buying opportunity as a result of temporary selling pressure in the market; conversely, a subject
company’s common equity rated a long-term ‘outperform’ could be considered susceptible to a short-term downward price correction.
Short-Term Trade Ideas are not ratings, nor are they part of any ratings system, and the Firm generally does not intend, nor undertakes
any obligation, to maintain or update Short-Term Trade Ideas. Securities and Short-Term Trade Ideas discussed in SPARC may not be
suitable for all investors and have not been tailored to individual investor circumstances and objectives, and investors should make
their own independent decisions regarding any securities or strategies discussed herein.
Analyst Certification
All of the views expressed in this report accurately reflect the personal views of the responsible analyst(s) about any and all of the
subject securities or issuers. No part of the compensation of the responsible analyst(s) named herein is, or will be, directly or
indirectly, related to the specific recommendations or views expressed by the responsible analyst(s) in this report.
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[e-mail] lawrence spencer 03/21/11 02:25:28 PM Idacorp, Inc {Inv. Relations}
RBC Capital Markets Discontinuing Research Coverage
March 18, 2011 3
any recipient. Hong Kong persons wishing to obtain further information on any of the securities mentioned in this publication should contact RBC Investment Services
(Asia) Limited, RBC Investment Management (Asia) Limited or Royal Bank of Canada, Hong Kong Branch at 17/Floor, Cheung Kong Center, 2 Queen's Road Central,
Hong Kong (telephone number is 2848-1388).
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you should consider whether the product is suitable for you. Past performance is not indicative of future performance.
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Copyright © RBC Capital Markets, LLC 2011 - Member SIPC
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Copyright © Royal Bank of Canada Europe Limited 2011
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[e-mail] lawrence spencer 03/21/11 02:25:28 PM Idacorp, Inc {Inv. Relations}