UPDATE: Bank of America Downgrades Rating to Underperform and Lowers PT to $32 on Ameren

A report from Bank of America downgrades its rating from Neutral to Underperform and lowers its price target from $33 to $32 on Ameren Corp. (NYSE: AEE).

The report states, “Ameren (AEE) has performed well on improved utility execution; however, our downgrade reflects lower IL utility EPS, downward EPS profile and full valuation. We expect Ameren Illinois Company's (AIC) 2012 earnings to decline from 2011 levels based on a lower ROE.”

AEE closed yesterday at $33.70.