UPDATE: Mizuho Securities Starts Ameren Corp (AEE) at Neutral (correction)
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(Updated - April 8, 2021 4:12 PM EDT)
Mizuho Securities analyst Anthony Crowdell initiates coverage on Ameren Corp (NYSE: AEE) with a Neutral rating and a price target of $83.00.
The analyst comments "We initiate coverage of Ameren with a Neutral rating and an $83.00 PT. Since 2013, AEE has a weather-normalized EPS CAGR of ~8%, and we believe the company will continue to meet its 6-8% EPS growth rate through 2025. Missouri accounts for ~52% of EPS and although the recent Missouri electric rate filing has created some regulatory overhang, we believe management should continue to drive earnings growth as forecast. Although AEE's plan is to transition to a fast-growing, clean-energy play by retiring coal-fired generation and replacing it with renewables, we find the current premium valuation as fair value using a SOTP methodology."
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