UPDATE: Ladenburg Thalmann Raises PT to $34 on Wisconsin Energy

A report from Ladenburg Thalmann reiterates its Neutral rating and raises its price target from $33 to $34 on Wisconsin Energy WEC. The report states, “Importantly, WEC management is expected to recommend to the Board to increase the dividend 13-15% in 2012 (above our previous expectations). The dividend payout target remains 60% by 2015 and average annual dividend increases during 2013-2015 is forecasted at 8%. In addition, WEC is committed to repurchasing up to $300m of common stock by 2013 and has purchased 2.5m shares at an average cost of $30.32 thus far (approximately $76m)." WEC closed yesterday at $33.40.