Allete Coverage Initiated by Analysts at Wunderlich (ALE)
Equities research analysts at Wunderlich began coverage on shares of Allete (NYSE:ALE) in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $54.00 price target on the stock. Wunderlich’s price objective indicates a potential upside of 10.72% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of ALLETE, Inc. (ALE) with a Buy rating and a $54 price target. The utility is poised to grow rate base by 40% through 2017 as it executes on its capital spending plan, positioning its generating fleet to comply with emissions benchmarks and renewable energy standards, and strengthening the regional grid with new transmission. The stock currently trades at 14.8x our 2015 EPS estimate, compared to slower-growing peers valued at 14.6x. We value the shares at $54, including $50 for the utility plus $4 for the unregulated businesses.”
Separately, analysts at Ladenburg Thalmann cut their price target on shares of Allete from $58.00 to $55.00 in a research note to investors on Thursday, October 24th. They now have a “buy” rating on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Allete has an average rating of “Buy” and a consensus price target of $51.79.
Allete (NYSE:ALE) opened at 48.77 on Tuesday. Allete has a one year low of $39.94 and a one year high of $54.13. The stock’s 50-day moving average is $49.92 and its 200-day moving average is $49.47. The company has a market cap of $1.941 billion and a price-to-earnings ratio of 19.17.
Allete (NYSE:ALE) last announced its earnings results on Friday, November 1st. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. The company had revenue of $251.00 million for the quarter, compared to the consensus estimate of $248.80 million. During the same quarter in the previous year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts predict that Allete will post $2.66 earnings per share for the current fiscal year.
ALLETE, Inc (NYSE:ALE) is an energy company.
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