In a report released today, Paul Fremont from Mizuho Securities maintained a Sell rating on Allete (ALE). The company’s shares opened today at $82.60, close to its 52-week high of $83.51.
Fremont wrote:
“We highlight the key areas we believe investors should focus their attention in preparation for Thursday’s meeting. Two key topics to understand are the growth rate and the strategy for the use of cash proceeds. We maintain our Underperform rating; and update our price target to $75.50.”
According to TipRanks.com, Fremont is a 4-star analyst with an average return of 5.6% and a 69.5% success rate. Fremont covers the Utilities sector, focusing on stocks such as Public Service Enterprise, American Electric Power, and NextEra Energy Inc.
The word on The Street in general, suggests a Moderate Sell analyst consensus rating for Allete with a $72 average price target.
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Based on Allete’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $61.1 million. In comparison, last year the company had a net profit of $41.4 million.
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ALLETE, Inc. engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services.
