UPDATE: D.A. Davidson Upgrades ALLETE to Buy, Raises PT
In a report published Friday, D.A. Davidson & Co. upgraded its rating on ALLETE (NYSE: ALE) from Neutral to Buy, and raised its price target from $44.00 to $47.00.
D.A. Davidson noted, “We believe the shares represent a compelling investment case at the current level, in light of the utility's improving growth profile and above-average yield. We are raising our price target from $44 to $47, which equates to roughly 15.5x our 2014 EPS estimate and represents a modest premium to the current peer group valuation of ~15x 2014 estimates.”
ALLETE closed on Thursday at $42.29.
Latest Ratings for ALE
|Jun 2014||JP Morgan||Initiates Coverage on||Neutral|
|Dec 2013||Wunderlich||Initiates Coverage on||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.