Allete price target raised to $65 from $50 at Mizuho

Mizuho analyst Anthony Crowdell raised the firm’s price target on Allete to $65 from $50 and keeps a Neutral rating on the shares after hosting meetings with management. Management highlighted opportunity for greater transmission spending due to the large buildout of renewable generation in their service territory, Crowdell tells investors in a research note. The analyst upped the target to reflect current market multiples.