UPDATE: Wunderlich Upgrades Ameren to Hold

Wunderlich is out with its report today on Ameren (NYSE: AEE), upgrading AEE from Sell to Hold.

In its report, Wunderlich writes, "We are upgrading shares of Ameren Corporation to a Hold rating. Shares now appear fairly valued, and with the recent resolution of the Missouri rate case and modest improvements in Midwestern power prices, we believe the worst is over for AEE. The company's Illinois rate cases remain outstanding, with final orders not due until mid-January 2012; however, we believe this is appropriately discounted in the stock. Our price target goes to $29 from $28, and is based on a sum-of-parts valuation based on 2013 earnings power."

Shares of AEE closed Friday at $27.62, up 2.33% from Thursday's close.