UPDATE: UBS Downgrades Wisconsin Energy (WEC) to Neutral; Taking Some Off The Table

(Updated - May 24, 2012 1:20 PM EDT)

UBS downgraded Wisconsin Energy (NYSE: WEC) from Buy to Neutral. PT $38.

Analyst, Jim von Riesemann, said, "WEC shares have had a good run, outpacing the S&P 500 and the benchmark utility indices YTD. The shares are now trading at a premium P/E multiple, one that’s commensurate with its underlying risk profile. Our 5% EPS growth forecast is in-line with group averages, and the 10% DPS growth outlook is unlikely to be raised materially higher (target payout ratio of 60% by 2014), thus we see limited upside from here and reduce our investment opinion."

"Our 2012 and 2013 EPS estimates have increased slightly to $2.29 (up $0.04) and $2.40 (up $.0.01) post 1Q12 results. Our 2014E remains unchanged at $2.46."

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

Shares of Wisconsin Energy closed at $37.04 yesterday.

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