UPDATE: DA Davidson Cuts Target on Westar Energy to $31.50

DA Davidson lowers its price target on Buy-rated Westar Energy (NYSE: WR) from $32 to $31.50 as rate case settlement points to probable pressure to the company's earnings. DA Davidson says, " It is our belief the Kansas Corporation Commission will grant its approval of the current settlement agreement without material changes, which would result in a slightly less favorable outcome than we had previously expected and place downward pressure on the bottom line. As such, we are reducing our 2012 and 2013 EPS estimates to $1.90 and $2.03 from $1.95 and $2.07, respectively."WR closed at $28.01 a share yesterday.