Bank of America Reviews Quarter for Wisconsin Energy Corporation

Bank of America has published a report on Wisconsin Energy Corporation WEC changing estimates on the energy holding company. In the report, Bank of America wrote, "Wisconsin Energy reported Q2 operating EPS of $0.41 vs. $0.37 last year. This was ahead of our $0.37E and the $0.40 consensus. As expected, the addition of the second Power the Future coal plant offset the negative impacts of milder weather and fuel under-recoveries. However, better cost control, somewhat better retail sales and a $0.02/sh benefit from tax settlements drove the quarter higher than our estimate. Management raised 2011 guidance to $2.10-$2.14 from $2.05-$2.10 on the solid first half of the year and hot Q3 weather so far." Bank of America rated Wisconsin Energy Corp a Neutral with a price target of $33.00. Wisconsin Energy Corporation closed Thursday at $30.97.