UPDATE: Gabelli & Company Initiates Hawaiian Electric Industries at Hold

Gabelli & Company initiated coverage on Hawaiian Electric Industries (NYSE: HE) with a Hold rating.

Gabelli & Company noted, "We regard HE as an improving utility story complimented by a high quality bank. Driven by more constructive rate treatment of growing infrastructure investment, we expect above-average utility earnings growth. Our 2012, 2013, and 2014 earnings estimates are $1.60, $1.70, and $1.85 per share, respectively."

Hawaiian Electric Industries closed at $25.32 on Wednesday.

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