The brokerage firms continue to like the Company’s largely regulated business with its growing rate base and historically constructive regulatory environment.  They are, however, concerned about the margins of Commercial Power in Ohio, where the retail marketing environment continues to put pressure on margins for merchant producers. While the firms are attracted to the Company’s investment opportunities, their enthusiasm is tempered by customer switching and re-pricing risks facing the Midwest Generation and DEI's higher risk profile.  The firms cautious outlook on DUK is based on the concerns that the Company’s large base of shares outstanding (approximately 1.3 billion shares) provides a challenge for future earnings per share growth; and the Company’s current valuation (a 3% discount to a 3% premium to its peer group based on various valuation parameters) limits the near-term upside potential.  The firms believe the stock offers an attractive yield along with some modest upside potential if the economy improves.  However, they feel the Company remains a suitable holding for electric utility investors.  Longer term, they believe the Company will be capable of achieving modest earnings and dividend growth.