UPDATE: D.A. Davidson Reiterates Buy Rating, Raises PT on Alliant Energy

In a report published Monday, D.A. Davidson & Co. reiterated its Buy rating on Alliant Energy Corporation

, and raised its price target from $49.00 to $53.00. D.A. Davidson noted, “Alliant announced a new power purchase contract for capacity at the Duane Arnold nuclear plant, which would take effect in 2014 (pending regulatory approval). Management also noted the contract is not expected to stall plans to construct a 600 MW gas-fired plant in Marshalltown, IA by 2017. The renewed Duane Arnold power supply agreement seems to diminish IPL's need for a new baseload resource in the latter half of this decade, but management expects the plant to fill a supply shortfall created by coal and gas retirements and organic load growth in the MISO region.” Alliant Energy Corporation closed on Friday at $46.89.