UPDATE: Bank of America Cuts PO to $32 on Ameren on Revised Estimates Post Q1

Bank of America lowers its price objective from $33 to $32 on Underperform-rated Ameren (NYSE: AEE) following an in-line quarter.

Bank of America notes, "On 5/4, Ameren reported 1Q12 earnings of $0.22, in-line with our estimate, though abnormal weather impacted earnings by $0.10 versus expectation. Despite the weather hit, AEE affirmed 2012 guidance of $2.20-2.50. AEE also updated its power and fuel hedges for 2012-14. We are revising our 2012-14E to reflect these updates. Our new 2012-14E are $2.30/1.95/2.18 v. our old $2.34/1.90/2.16. Our mark-to-market estimates are $2.30/1.92/2.10."

AEE closed at $32.25 on Monday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.