UPDATE: Goldman Sachs Reiterates Westar Energy at Neutral, Raises PT to $32 On Lower-Than-Expected Demand

In a report published Tuesday, Goldman Sachs reiterated Westar Energy

at Neutral and keeps 12- Month price target at $32. Goldman Sachs reported that, “We raise estimates and our target price, following 4Q2012 earnings and updated capital spending disclosures, on WR, but reiterate our Neutral rating given valuation and strong relative performance. Our forecasts of $2.15/$2.27/$2.26/$2.43 for 2013/2014/2015/2016 assume (1) a step up in 2014 earnings due to the rate increase for the LaCygne environmental project, (2) regulatory lag that weighs on 2015 estimates and growth from2014 levels and (3) a full general rate increase that positively impacts 2016. Westar Energy's shares closed at $31.88 on Monday.