DA Davidson Upgrades Otter Tail (OTTR) to Neutral, Shares Moving Higher

An analyst at DA Davidson upgraded shares of Otter Tail Corporation (NASDAQ: OTTR) from Underperform to Neutral in an intraday research note Friday. The firm boosted its price target on the stock from $20 to $22.

The firm said the upgrade was due to a "reworked" earnings model which accounts for Otter Tail's "revised segment classifications and known 1Q'11 events."

DA Davidson lowered most of its quarterly earnings estimates for this year but maintained the FY11 estimate and raised its FY12 forecast. Q1 moves from 35c to 33c, Q2 moves from 13c to 12c, Q3 reduced from 39c to 38c and Q4 EPS estimate raised from 33c to 37c. The FY11 estimate remains at $1.20 and the FY12 estimate was lifted from $1.48 to $1.53.

Otter Tail shares last traded at $22.48, up 0.76 percent from Thursday's closing price.

For more ratings news on Otter Tail Corporation click here and for the rating history of Otter Tail Corporation click here.

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