UPDATE: DA Davidson Raises Target to $35 on Black Hills Corporation

DA Davidson reiterates its Neutral rating on Black Hills Corporation

and raises its price target to $35 from $34 a share as it recognizes the company's earnings growth potential. DA Davidson says, "We are hoisting our 12-18 month price target from $34 to $35, in order to recognize the earnings growth potential of a number of capital projects that the company is planning, which could push the five-year EPS growth prospect well above the 6% rate that we have been carrying. Our new target equates to ~16x (previously 15.5x) the average of our 2012 and 2013 EPS estimates." BKH closed at $35.14 a share on Monday.