Market Overview

UPDATE: KeyBanc Initiates ALLETE at Buy on Favorable Growth Opportunities

Related ALE
Benzinga's Top Downgrades
Top 4 Mid-Cap Stocks In The Diversified Utilities Industry With The Lowest PEG Ratio
Top 20 Utilities For Dividend Growth Investors (Seeking Alpha)

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

Oct 2015WunderlichDowngradesHold
Oct 2015Wells FargoInitiates Coverage onMarket Perform
Jun 2015JP MorganDowngradesNeutralUnderweight

View More Analyst Ratings for ALE
View the Latest Analyst Ratings

Posted-In: KeyBancAnalyst Color Initiation Intraday Update Analyst Ratings


Related Articles (ALE)

View Comments and Join the Discussion!

Get Benzinga's Newsletters