KeyBanc upgrades Ameren to Overweight, sees ‘rare entry point’

As previously reported, KeyBanc upgraded Ameren to Overweight from Sector Weight with a $90 price target. The stock has lost some of its premium to the peer group since the start of the year, which the firm attributes to “regulatory noise” in Illinois, but it believes the outcome of Ameren’s electric multi-year rate plan will “ultimately be constructive.” Consequently, the firm views current trading levels as presenting “a rare entry point for the stock with attractive short-term and long-term fundamentals.”