UPDATE: D.A. Davidson Reiterates Neutral Rating, Lowers PT on Great Plains Energy

In a report published Monday, D.A. Davidson & Co. reiterated its Neutral rating on Great Plains Energy

, but lowered its price target from $24.00 to $21.50. D.A. Davidson noted, “To align our estimates with GXP's policy of forecasting results on a GAAP basis, as well as factor in our expectation of lower 4Q margins, we are reducing our 2012 EPS estimate to $1.29. We have also reduced our 2013 and 2014 EPS estimates to reflect a weaker load growth assumption. We are lowering our price target from $24.00 to $21.50, which equates to ~14.5x our 2013 EPS estimate.” Great Plains Energy closed on Friday at $20.31.