Ameren price target lowered to $82 from $91 at KeyBanc

KeyBanc analyst Sophie Karp lowered the firm’s price target on Ameren to $82 from $91 to reflect the refreshed bond-implied “fair” price-to-earnings multiple of 14.1-times and a 1.0-time sector adjustment, while keeping an Overweight rating on the shares. The firm expects that a constructive outcome from the pending IL multiyear rate case and the long-term capex upside from the MISO long range transmission planning program should help Ameren to regain some lost luster from the IL regulatory noise around the ROE considerations for the pending rate case.