Wells Fargo Initiating Coverage On Alliant Energy Corp.

Wells Fargo is out with a research report on Alliant Energy Corp. LNT and is initiating coverage with a Market Perform rating and a $43-$44 valuation. In a note to clients, Wells Fargo writes, "We are initiating coverage of LNT with a Market Perform. Our 11-13 EPS estimates are $2.85, $2.90 & $3.05. Positive attributes include attractive EPS growth prospects driven by regulated infrastructure investment opportunities and constructive regulatory environments. Our neutral rating primarily reflects valuation considerations. Our 12-18 month valuation range of $43-44/share is based on a P/E multiple (14.0X our 13E EPS of $3.05) and dividend discount analysis, and includes an incremental $0.75-1.00/share to reflect the estimated value of LNT's interest in 100 MW of wind turbines." Shares of LNT closed at $40.81 yesterday.