KeyBanc Lifts Target on Allete (ALE) to $45.50

December 28, 2012 7:02 AM EST Send to a Friend
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Price: $54.73 -0.4%

Rating Summary:
    7 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 23 | New: 21
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KeyBanc raised its price target on Allete (NYSE: ALE) from $42 to $45.50, while reiterating a Buy rating.

"Under this new valuation, we step aside from a straight price to earnings methodology, given that ALE's real estate segment consistently operates at a loss," the analyst said. "The implication under a pure P/E methodology is that the segment has negative value. We now adopt a sum-of-the-parts methodology, yielding our higher revised valuation."

For an analyst ratings summary and ratings history on Allete click here. For more ratings news on Allete click here.

Shares of Allete closed at $40.64 yesterday.

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