UPDATE: JP Morgan Upgrades Great Plains Energy to Overweight; Missouri Risk Priced In

JP Morgan raised its rating on Great Plains Energy

from Neutral to Overweight and increased its price target from $23 to $26. JP Morgan noted, "We are still months away from the final expected January 2013 ruling on the Missouri rate cases and have yet to see the company's expected 4Q true-up adjustments. However, staff recommendations in both MO and KS provide an approximate floor for the final outcomes and would drive 2013 EPS to a level only slightly below current consensus of $1.64, according to our estimates, implying relatively conservative assumptions." Great Plains Energy closed at $21.76 on Tuesday.