KeyBanc Starts Allete (ALE) at Buy

December 4, 2012 7:41 AM EST
Get Alerts ALE Hot Sheet
Price: $62.72 +0.22%

Rating Summary:
    6 Buy, 3 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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KeyBanc initiates coverage on Allete (NYSE: ALE) with a Buy. PT $42.00.

The firm comments, "Our 2012 and 2013 earnings estimates are $2.55 and $2.70, respectively. This growth of nearly 6% is driven by a combination of new investment earning a return through constructive regulatory mechanisms and growth of load in ALE's customer base centered on minerals mining; partially offset by higher costs from the issuance of new shares. We believe an attractive combination of further organic growth opportunities, potential regulated investment and constructive ratemaking warrant a premium 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 $39.41 yesterday.

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