UPDATE: Citigroup Initiates Buy, $23 PT on Great Plains Energy
Citigroup launches its coverage on Great Plains Energy (NYSE: GPX) with a Buy rating and a price target of $23, reflecting the turnaround underway at the company.
Citigroup says, "Our new Buy rating reflects: (1) a continued positive stance on the small/mid cap regulated electric sector and (2) company-specific catalysts. Resolution of the upcoming rate cases is overwhelming the key driver of the story over the near term."
GPX closed at $16.23 a share on Tuesday.
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