Deutsche Bank Has Buy On ITC Holdings

Deutsche Bank has a Buy rating and a $76.50 price target on shares of ITC Holdings ITC. In a note to clients, Deutsche Bank writes, "Yesterday, the Kansas Corporation Commission gave ITC siting approval for the Kansas V-Plan transmission line, a 345kV double-circuit line that will connect eastern and western Kansas. The approved route includes some modifications to reduce impacts on landowners and accomodate future de- velopment plans, but the overall length remains relatively unchanged at 122 miles. The costs are still estimated at ~$300M, and the line is still expected to come online in late 2014. While approval was expected, the KCC's quick approval (ITC only filed in March) was a reminder of the relative attraction of building transmission in KS vs. other states in the US where siting approval can take two years." Shares of ITC are up 25 cents to $72.77.