Wunderlich Securities Reiterates Buy on Great Plains Energy (GXP)

Wunderlich Securities reiterated its Buy rating on Great Plains Energy GXP in a research report published today. Its price target on Great Plains is set to $22. In the report, Wunderlich states, "Buy-rated Great Plains Energy (GXP) released 1Q operating results of $0.09, well ahead of our $0.01E and the $0.03 consensus estimate. Weather-adjusted sales declined 3.2% in 1Q, and GXP now expects full-year normalized sales growth to be flat vs. +0.7% previously. Taking our estimate to flat growth would impact our 2011E modestly, since our projected earnings uplift in 2011 is largely driven by rate relief. Regulators are due to issue a final rate order for GMO today. We believe the mid-April decision issued for KCP&L set a constructive tone. We anticipate revisiting our forecast following Friday's 1Q conference call, but we do not foresee a change to our bullish outlook for GXP." In yesterday's trading, Great Plains gained 0.63% to close the day at $20.85. In today's pre-trading, its shares tumbled 2.64%, however, to stand at $20.30.