DA Davidson Upgrades MGE Energy (MGEE) to Neutral

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DA Davidson upgraded MGE Energy (NASDAQ: MGEE) from Underperform to Neutral with a price target of $48.50 (from $42.00).

Analyst James Bellessa said "Our 2012 EPS forecast is increased from $2.59 to $2.75 to reflect the positive variance from our forecast and the expected benefit in 3Q’12 from favorable weather. Our 2013 EPS forecast is increased from $2.75 to $2.95 to better account for the expected electric and gas rate increases on January 1, 2013, as well as higher AFUDC earnings tied to the Columbia project."

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

Shares of MGE Energy closed at $48.45 yesterday, with a 52 week range of $37.06-$49.00.

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D.A. Davidson, Earnings

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