UPDATE: Citigroup Downgrades Westar Energy to Neutral on Valuation
Citigroup downgraded Westar Energy, Inc. (NYSE: WR) from Buy to Neutral and lowered the price target from $34.00 to $30.00.
Citigroup commented, "We are downgrading WR to Neutral, as the shares' valuation reflects the company's healthy prospects. Our revised EPS estimates for 2013-15 are $2.05, $2.17 and $2.22, respectively. Based on our new 2015 EPS estimate and our new target multiple of 13.5x (equal to our group average target multiple), our new target price is $30/share. Relative to today's share price, this leaves expected total return of 7% over the next 12 months – a level that is commensurate with a Neutral rating."
Westar Energy closed at $29.18 on Monday.
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