Wells Fargo upgrades Alliant Energy to Overweight, raises price target to $61

As previously reported, Wells Fargo upgraded Alliant Energy to Overweight from Equal Weight with a price target of $61, up from $58. The firm notes that shares have languished over the last 9 months, which may be attributable to a regulatory hiccup in IA. Positive characteristics include above-average regulation, a strong financial track record and a solid financial position, Wells says. On the regulatory front, the firm views WI & IA to be top quartile states due to above-average allowed ROEs combined with constructive regulatory mechanisms, including forward-looking test years. Lastly, it views Alliant’s balance sheet as healthy and external equity needs manageable.