UPDATE: KeyBanc Initiates ALLETE at Buy on Favorable Growth Opportunities
KeyBanc initiated coverage on ALLETE (NYSE: ALE) with a Buy rating and a $42 price target.
KeyBanc noted, "We are initiating coverage of ALLETE, Inc. (ALE-NYSE) with a BUY rating and $42 price target. Our 2012 and 2013 earnings estimates are $2.55 and $2.70, respectively. This growth of nearly 6% is driven by a combination of new investment earning a return through constructive regulatory mechanisms and growth of load in ALE's customer base centered on minerals mining; partially offset by higher costs from the issuance of new shares. We believe an attractive combination of further organic growth opportunities, potential regulated investment and constructive ratemaking warrant a premium valuation."
ALLETE closed at $39.41 on Monday.
Latest Ratings for ALE
|Mar 2015||JP Morgan||Reinstates||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.