Keybanc Upgrades NorthWestern to Buy

In a research note released Monday, Keybanc analyst Paul T. Ridzon initiated a Buy rating from Hold on NorthWestern Corporation NWE. Not only did the firm initiate a Buy rating, but additionally it issued a $51.50 price target. The firm stated this, “We have increased conviction that NorthWestern Corporation's acquisition of PPL Montana's hydro assets will be approved.” In addition, the company upgraded shares on the basis of the company's growing rate base of 50 percent. Additionally, the firm is maintaining its 2014 estimate of $2.70 and trimming its recently initiated 2015 estimate to $3.15 per share from $3.20 per share. The reason for the trim was primarily due to more conservative modeling of the hydro deal. The firm stated that in its opinion, NWE continues to have attractive investment opportunities around acquiring more natural gas reserves, distribution reliability and incremental peaking generation. Shares of the company are currently at $48.00 in after-hours trading, should shares achieve the target of $51.50 per share, this would represent a gain of nearly 11 percent.
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