Wells Fargo Upgrades Northwestern Corp. (NWE) to Outperform; Increased Capex Budget Confidence Following Recent Field Trip

Wells Fargo upgraded Northwestern Corp. (NYSE: NWE) from Market Perform to Outperform. Valuation range increased from $30-31 to $35-36.

Wells analyst says, "During our recent field trip to Montana, we gained increased confidence in near-term regulated investment opportunities. Shares currently trade at a modest discount to peers; however, we believe a modest premium valuation is warranted given 1) NWE’s attractive rate base and EPS growth outlook, 2) considerable financial flexibility and 3) longer-term potential for meaningful renewable-related FERC transmission investment."

For more ratings news on Northwestern Corp. click here and for the rating history of Northwestern Corp. click here.

Shares of Northwestern Corp. closed at $30.86 yesterday.

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