Ameren price target lowered to $73 from $75 at GuggenheimExelon

Guggenheim lowered the firm’s price target on Ameren (AEE) to $73 from $75 and keeps a Neutral rating on the shares after the Illinois Commerce Commission, or ICC, “delivered a highly disappointing final order” and rejected Ameren and Exelon’s (EXC) grid plans, or MYIGP. While noting that some investors have asked if yesterday’s reaction in both names was “overdone,” the firm says it sees “little reason to remain positive” with 27% of the rate base exposed to the uncertainty of having to re-file the grid plan as well as “a hostile commission.” The firm adds “this is not an AEE or EXC issue, this is an IL issue.”