Allete Price Target Cut to $55.00 (ALE)
Equities research analysts at Ladenburg Thalmann lowered their target price on shares of Allete (NYSE:ALE) from $58.00 to $55.00 in a research note issued to investors on Thursday, Stock Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Ladenburg Thalmann’s target price suggests a potential upside of 7.95% from the stock’s previous close.
Allete (NYSE:ALE) remained flat at $50.95 during trading on Thursday. The stock had a trading volume of 107,336 shares. Allete has a 52 week low of $37.73 and a 52 week high of $54.13. The stock has a 50-day moving average of $49.30 and a 200-day moving average of $49.4. The company has a market cap of $2.007 billion and a price-to-earnings ratio of 18.88.
Allete (NYSE:ALE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.35 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.41 by $0.06. The company had revenue of $235.60 million for the quarter, compared to the consensus estimate of $233.95 million. During the same quarter in the prior year, the company posted $0.39 earnings per share. The company’s quarterly revenue was up 8.9% on a year-over-year basis. On average, analysts predict that Allete will post $2.69 earnings per share for the current fiscal year.
Separately, analysts at Zacks downgraded shares of Allete from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, August 2nd. They now have a $57.00 price target on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $51.42.
ALLETE, Inc (NYSE:ALE) is an energy company.
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