BofA downgraded Ameren to Neutral from Buy with a price target of $77, down from $82. BofA sees reason to be more cautious on the story following December’s order by the Illinois Corporation Commission, and feels shares are fairly valued here, the analyst tells investors in a research note. Additionally, Ameren’s management has not updated its long-term financial targets, but a regulatory filing in December indicated cuts to CapEx could be coming given uncertainty on the approved rate base, the firm says.
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