DA Davidson & Co Maintains Neutral, $41 Target on ALLETE

DA Davidson & Co reiterates its Neutral rating and target price of $41 on ALLETE (NYSE: ALE) as it initiates a 2013 forecast on the company.DA Davidson states,"In the past week, ALLETE, Inc. provided two new reference points for assessing its near-term earnings power: it funded a $20 million pension liability by issuing over 0.5 million new shares of its common stock to its pension plan, and provided 2012 earnings guidance. Accordingly, we are adjusting our 2012 earnings estimate for this new information and initiating a 2013 forecast."ALE closed at $39.51 per share on Monday.