Allete price target raised to $59 from $57 at Wells Fargo

Wells Fargo raised the firm’s price target on Allete to $59 from $57 and keeps an Equal Weight rating on the shares. The firm notes shares of Allete fell 1.6% as the 2024 guidance midpoint fell 8% short of the consensus estimate. That said, the long-term outlook is intact with the 5%-7% EPS target extended through 2028, Wells adds.