UPDATE: Wunderlich Securities Raises PT to $35 on Wisconsin Energy Corporation; In-Line Q1

Wunderlich Securities increases its price target from $33 to $35 on Hold-rated Wisconsin Energy Corporation

Wunderlich Securities says, "Wisconsin Energy (WEC) reported 1Q EPS of $0.74 versus $0.72 a year ago (our/consensus was $0.77/$0.75). Despite mild weather that drove a 24% decline in natural gas sales, the company benefited from lower operating costs, improved fuel recoveries (benefited from lower gas prices), and lower interest costs. Despite slowing EPS growth, the 1Q EPS demonstrate the flexibility WEC has built into its earnings model. WEC affirmed 2012 EPS guidance of $2.24-$2.29. We are maintaining our 2012/2013 EPS estimates of $2.27/$2.37. WEC did not buy back any shares in 1Q under the repurchase program, though we expect purchases in 2012 ($200mm remains)." WEC closed at $36.68 on Tuesday.