Bank of America Merrill Lynch is out with its report today on Ameren AEE, raising its price objective from $28 to $29.
In a note to clients, Bank of America Merrill Lynch writes, "We are updating regulated valuation multiples from a 2012 to 2013 basis. Our $29 price objective is based on average regulated utility P/E multiple of 13x 2013E net utility earnings of $2.20, and a transmission multiple of 15x 2013E transmission earnings of $0.05. We believe the merchant does not add value."
Bank of America Merrill Lynch maintains Underperform on AEE.
Shares of AEE closed Friday at $29.09.
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