LNT - Alliant Energy upped at Wells Fargo after moving past Iowa 'regulatory hiccup'
2023-04-19 11:51:45 ET
Alliant Energy ( NASDAQ: LNT ) +1.6% in Wednesday's trading as Wells Fargo upgraded the stock to Overweight from Equal Weight with a $61 price target, up from $58, after languishing during the past nine months because of a "regulatory hiccup" in Iowa.
A request from Alliant's ( LNT ) Interstate Power & Light to develop 400 MW of solar and 75 MW of battery storage under advance rate-making treatment has met resistance from Iowa regulators, but Wells Fargo's Neil Kalton said IPL "ultimately could elect to proceed under traditional rate-making measures, especially considering growing generation needs."
Kalton said Alliant ( LNT ) shares trade at an 8% discount vs. a basket of other perceived high quality Midwest-based utilities, but resolution of the Iowa hangup and a constructive rate case outcome in Wisconsin could prompt a bridging of the valuation gap.
Alliant Energy ( LNT ) operates in favorable regulatory jurisdictions and has a strong track record of growth, Gen Alpha writes in an analysis published on Seeking Alpha .
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Alliant Energy upped at Wells Fargo after moving past Iowa 'regulatory hiccup'