With the U.S. economic landscape becoming more uncertain, it's prudent to add a defensive stock or two to your portfolio, and utility FPL Group, Inc. (NYSE: FPL) is worth an evaluation.

FPL Group boasts the fundamentals analysts like to see in a utility company: steady cash flow, above-par customer growth, adequate generating capacity, and favorable power market conditions. Further, analysts also like the cooperative regulatory environment in Florida, FPL's primary state, and the company's 2.3% dividend. With operations in 24 states, FPL has diversified operationally, but the focal point, for investors, is its Florida market: 4.4 million customers, and ample land for commercial and residential growth. The Reuters FY 2007/FY 2008 EPS consensus estimates for FPL are $3.46 to $3.88.

The risks? Analysts are keeping an eye on Florida's population growth and household formation for signs of any changes in long-term trends.

Stock Analysis: FPL Group is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 2 years should be rewarded from FPL's shares. Sell/Stop Loss if you were to purchase shares in this company: $48.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.