Wunderlich Maintains Hold on Wisconsin Energy Corporation (WEC)

Wunderlich is out with its report on Wisconsin Energy Corporation

, maintaining Hold and a $60 PT. In a note to clients, Wunderlich writes, "Wisconsin Energy (

) reported 4Q10 earnings of $1.06 per share versus $0.96 a year ago. The results beat our estimate and consensus. The better results were driven by improved operations and the impact of higher revenues from the first unit of Oak Creek (new coal plant). On a call to discuss the earnings, WEC management indicated that bonus deprecation in 2011 and 2012 would increase cash flow but reduce ratebase. This could moderately slow earnings growth in 2012 and 2013 before considering the use of the resulting cash. We are trimming our 2012 EPS forecast by $0.02 to $4.48. We continue to have a Hold rating on WEC shares." Shares of WEC are trading pre-market at $59, down 1.01% from yesterday's close.