Wells Fargo Downgrades Great Plains Energy (GXP) to Market Perform; Upcoming Regulatory Filings Are Likely To Act As An Overhang

Wells Fargo downgraded Great Plains Energy (NYSE: GXP) from Outperform to Market Perform, price target range raised to $21-$22 from $18.50-19.50.

Wells analyst says, "In our view, GXP offers good EPS growth from 2011-2013 and solid longer-term growth opportunities from investments in environmental controls and renewable projects. However, we see these positives being largely offset by risk associated with upcoming rate cases and the lack of a full fuel clause at KCP&L Missouri...At the midpoint of our range, GXP would trade at ~13.2x our 2013E of $1.63 which is consistent with the median of its peers. We continue to think an in-line multiple is warranted."

For more ratings news on Great Plains Energy click here and for the rating history of Great Plains Energy click here.

Shares of Great Plains Energy closed at $21.11 yesterday.

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