Alliant Energy ( NASDAQ: LNT ) +2.1% in Friday's trading after Bank of America upgraded shares to Buy from Neutral with a $70 price target, seeing the utility as "a premium name in terms of execution which has delivered above-peer EPS growth of ~7% in recent years."
Assuming the new climate and energy legislation is enacted into law, BofA's Julien Dumoulin-Smith expects Alliant Energy ( LNT ) "will benefit in the form of $1B higher capex on solar projects in coming years which given [production tax credits] already being generated by its operating wind portfolio will not need to be funded by external equity, driving EPS growth above the top end of management's 5%-7% target range."
Alliant ( LNT ) is particularly well positioned to benefit from supportive policies stemming from the Inflation Reduction Act as the company accelerates its push into regulated renewable generation, according to Dumoulin-Smith.
Alliant Energy ( LNT ) recently reported Q2 GAAP earnings of $0.63/share on revenues of $943M .
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Alliant Energy raised at BofA after lagging peers in climate-related rally