Mizuho Securities Upgrades Allete (ALE) to Neutral on Valuation

Mizuho Securities analyst Paul Fremont upgraded Allete (NYSE: ALE) from Underperform to Neutral with a price target of $74.00 (from $83.00).

The analyst comments "We are upgrading ALE to Neutral from Underperform based on valuation. Trading at a 7% discount to the electric utility group average multiple, we see the stock as fairly valued given the uncertainty related to the final rate case outcome in Minnesota Power. We also see potential execution risk associated with finding new renewable opportunities beyond the current announcements."

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 $74.39 yesterday.

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