KeyBanc Lifts Target on Allete (ALE) to $45.50
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Price: $51.19 +1.21%
Rating Summary:
6 Buy, 0 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
6 Buy, 0 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ALE Now!
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, with a 52 week range of $37.73-$42.66.
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"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, with a 52 week range of $37.73-$42.66.
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