Jefferies Raises AYE Estimates

Jefferies is increasing its estimates on Allegheny Energy (NYSE: AYE).

“We are increasing our 2010 EPS estimate by $0.05 to $2.35, our
2011 EPS estimates by $0.25 to $1.80 and our 2012 EPS estimate by $0.20 to $1.05, following the update of our model,” Jefferies writes.

“We are increasing our 4Q2010 EPS estimate by $0.05 to $0.45 due to the colder than normal weather in the quarter versus milder than normal weather in the 4Q09. We have updated our model to reflect the improvement in power prices in 2011 and 2012.”

Allegheny Energy currently trades at $25.18.