UPDATE: Citigroup Initiates Buy, $23 PT on Great Plains Energy

Citigroup launches its coverage on Great Plains Energy

with a Buy rating and a price target of $23, reflecting the turnaround underway at the company. Citigroup says, "Our new Buy rating reflects: (1) a continued positive stance on the small/mid cap regulated electric sector and (2) company-specific catalysts. Resolution of the upcoming rate cases is overwhelming the key driver of the story over the near term." GPX closed at $16.23 a share on Tuesday.