Gabelli & Co. Maintains Hold, $42 2012 PT on Black Hills

Gabelli & Co.reiterates its Hold rating and 2012 price target of $41 on Back Hills BKH as it significantly revises 2012 forecasts to reflect an approved rate hike from the Colorado Public Utilities Commission. Gabelli & Co. says, "Our 2011-2013 earnings estimate remain at $1.75, $2.10 and $2.20 per share. The significant forecasted increase in 2012 earnings is related to the Colorado rate case, the new independent power project (200 MWs; $260 mm; 1/1/12) and a doubling of energy marketing earnings." BKH closed at $33.84 per share on Friday.