Market Overview

UPDATE: KeyBanc Initiates ALLETE at Buy on Favorable Growth Opportunities

Related ALE
Benzinga's Top Initiations
ALLETE Misses on Earnings Ests - Analyst Blog

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.

Posted-In: KeyBancAnalyst Color Initiation Intraday Update Analyst Ratings

 

Related Articles (ALE)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters