UPDATE: Wunderlich Securities Downgrades Alliant Energy Corporation; Deferred Taxes Slow Growth
Wunderlich Securities lowers its rating on Alliant Energy Corporation (NYSE: LNT) from Buy to Hold and lowers its price target from $47 to $45.
Wunderlich Securities notes, "The company disclosed on Friday that a growing deferred tax balance would slow the expected growth in Wisconsin regulated rate base through 2014, which will in turn slow the projected earnings growth. We now expect 5% annual earnings growth off of a 2011 EPS base, rather than the 7% we expected previously. Though this growth still has below-average regulatory risk, a similar impact on Iowa rate base is possible when the rate freeze expires in 2013."
LNT closed at $43.90 on Friday.
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