UPDATE: Bank of America Upgrades NV Energy to Buy on Yield and Dividend Growth

Bank of America raises its rating on NV Energy NVE from Neutral to Buy and raises its price target from $17.50 to $19. Bank of America notes, "We view NVE as a de-risked investment vehicle, offering in-line earnings growth and yield, with 10% annual dividend growth (well above peer group growth of 3-4%) and positive free cash flow. NVE recently increased its dividend 31% and now yields 3.9%, close to the regulated average of 4.1%, but continues to trade at about an 8% discount. We are upgrading to Buy and raising our PO to $19, which implies a 13% total potential return." NVE closed at $17.52 on Tuesday.