Alliant Energy (LNT – Research Report), the Utilities sector company, was revisited by a Wall Street analyst on May 9. Analyst Neil Kalton from Wells Fargo reiterated a Buy rating on the stock and has a $70.00 price target.
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Neil Kalton has given his Buy rating due to a combination of factors including Alliant Energy’s strong first-quarter performance and strategic capital expenditure plans. The company reported impressive Q1 results with earnings per share significantly surpassing both the previous year’s figures and market expectations, driven by new rates at IPL and WPL.
Kalton also highlights the company’s updated capital expenditure plan, which shows a 5.5% increase over the previous update, indicating a robust pipeline of mature customer opportunities. This increase is expected to contribute positively to the company’s earnings per share in the coming years. Additionally, the potential for a premium valuation compared to its peers, given the upside to the base capex plan, supports the Buy rating and an increased price target.
In another report released on May 9, Bank of America Securities also maintained a Buy rating on the stock with a $68.00 price target.