Alliant Energy upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Alliant Energy to Outperform from Sector Perform with a price target of $59, down from $60. The firm is drawn to the “defensive, high-quality pair of utilities in strong regulatory environments,” namely Iowa and Wisconsin, the analyst says, adding that the upgrade “fits with our theme of getting increasingly defensive in our recommendations.” Though the company faces elevated regulatory risks, the firm expects constructive outcomes in both states and argues for a larger premium than 3% seen currently.