UPDATE: Goldman Sachs Raises PT on Westar Energy Despite Lower-Than-Expected Demand

In a report published Tuesday, Goldman Sachs reiterated Westar Energy (NYSE: WR) at Neutral and raised the price target from $31 to $32.

Goldman Sachs reported that, “We raise estimates and our target price, following 4Q2012 earnings and updated capital spending disclosures, on WR, but reiterate our Neutral rating given valuation and strong relative performance. Our forecasts of $2.15/$2.27/$2.26/$2.43 for 2013/2014/2015/2016 assume (1) a step up in 2014 earnings due to the rate increase for the LaCygne environmental project, (2) regulatory lag that weighs on 2015 estimates and growth from2014 levels and (3) a full general rate increase that positively impacts 2016."

Westar Energy's shares closed at $31.88 on Monday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.