Bank of America Reiterates Buy, $30 PO on Westar Energy

Bank of America maintains its Buy rating and $30 price objective on Westar Energy

as the company settles with all parties except consumer group on its rate case. Bank of America says, "On 2/6, it was reported that Westar Energy (

) and all parties except for one filed a settlement with the Kansas Commerce Corporation (

) on WR's rate case. The settlement calls for a $50m (3.2%) rate increase versus WR's initial request of $91m. The signatories to the settlement include the KCC Staff, Department of Defense and large commercial and industrial groups. The main consumer advocacy group, Citizens' Utility Ratepayer Board (CURB), is not a party to the settlement and has been reported that it is expected to argue against it. CURB previously recommended a $12m decrease." WR closed at $28.81 a share on Monday.