Allete upgraded to Buy at BofA on capital plan update, Minnesota decision

BofA analyst Julien Dumoulin-Smith upgraded Allete to Buy from Neutral with a price target of $66, up from $53. The analyst cites the company having rolled forward its long-run capital plan now targeting $2.7B in aggregate investment over 2023-2027, an increase from $1.8B in the previous iteration, which should drive inflection for its shares. Dumoulin-Smith further cites the Minnesota commission having approved Allete’s enhanced Integrated Resource Plan with a "constructive settlement" reached with interveners that should add 400 MW wind and 300 MW solar within the forecast period.